Hi this is Greg and I need help with this very long homework assignment, Thanks I gladly appreciate your help.
1. Product costs are increased by the presence of middlepersons in the distrubution channel. True or False
2. Determine the extension amount of the following order: Product X: 10 units @ $2.35 each
Product Y: 12 boxes @ $6.15 per box
Product Z: 3 dozen @ $12.20 per dozen
3. A trader buys 3 dozen units of product X for a total of $158.40. What is the unit cost?
4. A trader can purchase a good at $7.20 per unit, or they can buy 5 for $33.00. What is the total amount saved by buying in bulk?
5. A merchant pays $4,320 for a shipment of goods after receiving a 10% trade discount. What is the list price for the shipment?
6. A wholesaler lists a refrigerator model at a price of $850 and offers a chain discount of 20% and 10%. What is the net price?
7. A store receives $400 cash after offering a chain discount of 10/10/5 on a good. What was the list price?
8. Merchandise lists for $5,000 with a trade discount of 10% and terms of 5/30, 3/60, n/90. If the purchaser is invoiced on April 12th and payment is made on June 10th, what is the actual amount paid?
9. An invoice for product X totals $1,200 and is dated July 6, 2000 with terms 2/10-60X. If the invoice is paid on September 3, 2000, what is the net amount of payment?
10. A good purchased for $480 sells for $700. If the store's operating expenses are 30% of cost, what is the percentage markup on cost?
11. A retailer sells a clothing item for $49.99. If the retailer maintains a 40% markup on cost, how much can it afford to pay for the item?
12. Determine the selling price of a good if it is purchased for $36 and the firm wants to earn a markup of 40% on the selling price.
13. An item bought for $32 is sold for $40. What is the markup based on price?
14. A retailer wants to sell an item that costs $18 at a list price that will provide a 25% markup on the selling price and give the customer a 40% discount. What is the list price?
15. A flower shop buys 200 mixed fresh flower arrangements for $4.50 per arrangement. The owner estimates that 10% will wilt before they are sold and will have to be discarded. If the store requires a 50% markup on the selling price, what is the price per arrangement?
16. A baker makes 500 cream-filled eclairs at a cost of $0.72 each. He estimates that 10% of the eclairs will be sold the following day at a reduced price of $0.80 each. Find the marked price if the baker wishes to obtain a 75% markup on cost.
17. A vendor reduces an item listed at $140 on July 1st by 20%, and then reduces it another 25% on September 1st. What is the sale price of the good after the last reduction?
18. A merchant buys a good for $275. Their store's operating expenses are 35% of cost. The selling price of the good is $549, but is marked down by 35%. The transaction resulted in a:
19. A trader buys a good at a cost of $8.00 per unit. Operating expenses are 35% of the selling price and net profit is 15% of the selling price. What is the maximum dollar markdown allowed without incurring an operating loss on the sale of the good?