Solve the following situations (markups based on selling price). a) Irene Westing bought a desk for $800
Question:
Solve the following situations (markups based on selling price).
a) Irene Westing bought a desk for $800 from an office supply house. She plans to sell the
desk for $1,200. What is Irene’s dollar markup? What is her percent markup on selling
price (rounded to the nearest tenth percent)? Check your answer. Selling price will be
slightly off due to rounding.
b) Suki Komar bought dolls for her toy store that cost $14 each. To make her desired
profit, Suki must mark up each doll 38% on selling price. What is the selling price of
each doll? What is the dollar markup? Check your answer.
c) Jay Lyman sells calculators. His competitor sells a new calculator line for $16 each. Jay
needs a 42% markup on the selling price to make his desired profit, and he must meet
price competition. What is Jay’s dollar markup? At what cost can Jay afford to bring
these calculators into the store? Check your answer.
d) Dan Flow sells wrenches for $12 that cost $7. What is Dan’s percent markup on cost? Round to
the nearest tenth percent. What is Dan’s percent markup on selling price? Check your answer.
Expert Answer:
a Irene has a 400 markup 1200 800 We apply the following equation to determine her percent markup on ... View the full answer
