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Math Help - Mark up problems

  1. #1
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    Jun 2009
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    Mark up problems

    Good Day,

    I am struggling with these three math problems and I am hoping someone can help me out. I am currently taking a self direct course and the book has horrible examples and the teacher doesn't help at all.

    the ST problem is:

    The rate of markup on the cost of a toaster selling at 54.95 is 45%
    A. What is the cost of the toaster to the retailer?
    B What is the rate of markup on cost?

    ND Problem is:

    If the rate of markup on selling price of lettuce in a grocery store is 60%, what is the rate of markup on cost?

    3rd problem is:

    Workers World bought 250 pairs of rubber boots at $15 per pair. The manager applies a 90% rate of markup on cost when pricing footwear. What is the operating profit per pair if overhead expenses work out on average to be 20% of the selling price?
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  2. #2
    No one in Particular VonNemo19's Avatar
    Joined
    Apr 2009
    From
    Detroit, MI
    Posts
    1,823
    Quote Originally Posted by Crys View Post
    Good Day,

    I am struggling with these three math problems and I am hoping someone can help me out. I am currently taking a self direct course and the book has horrible examples and the teacher doesn't help at all.

    the ST problem is:

    The rate of markup on the cost of a toaster selling at 54.95 is 45%
    A. What is the cost of the toaster to the retailer?
    B What is the rate of markup on cost?

    ND Problem is:

    If the rate of markup on selling price of lettuce in a grocery store is 60%, what is the rate of markup on cost?

    3rd problem is:

    Workers World bought 250 pairs of rubber boots at $15 per pair. The manager applies a 90% rate of markup on cost when pricing footwear. What is the operating profit per pair if overhead expenses work out on average to be 20% of the selling price?
    The retailer is the one selling the toaster. He's not gonna charge himself more money, so the answer to 1-a is 54.95. 1-b is simply 45%, because this is the rate of markup

    The second question answers itself
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