Thread: Greg need help with math homework

Hi! this is Gregory and I need help with my math homework, I already had it figure out, but I need to know if I am on the right track. Thanks

Here are the Question and what I came up with:

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?

Cost= Price/1+ markup price
$49.99/1 +.40
=49.99/1.4
=$35.71

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.

Selling price= Cost/1- markup rate
$36/1-.40
=$36/.60
=$60

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?

Cost + markup= selling price
$18 + .25S=S
$18=S-.25S
$18= -75S
24= S
List Price - Trade discount = Net Price
P - .40P = $24
.60P = $24
P =$ 40

Originally Posted by Kenny7

Hi! this is Gregory and I need help with my math homework, I already had it figure out, but I need to know if I am on the right track. Thanks

Here are the Question and what I came up with:

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?

Cost= Price/1+ markup price
$49.99/1 +.40
=49.99/1.4
=$35.71

This is fine

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.

Selling price= Cost/1- markup rate
$36/1-.40
=$36/.60
=$60

Correcto.

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?

Cost + markup= selling price
$18 + .25S=S
$18=S-.25S
$18= -75S
24= S
List Price - Trade discount = Net Price
P - .40P = $24
.60P = $24
P =$ 40

Well if by "give the customer a 40% discount", you meant, find the selling price, and then add on a shedload extra, then take it off again to make it LOOK like they got a discount then - yeah, looks good.

Indeed.