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Exam 12: Markups and Markdowns: Perishables and Breakeven Analysis

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Question 31

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A. If the cost of a TV is $120 and it sells for $200, what is the percent of markup based on cost? Round to the nearest hundredth percent. B. Check your answer.

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A. 66.67%
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Question 32

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Gross profit plus operating expenses equals net income.

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B) False

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Question 33

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Percent markup on selling price can be converted to percent markup on cost by formula.

Selling price = cost - markup.

To place a price on perishable items, there is no need to calculate the total cost as well as total selling price of the items.

Net income is calculated as:

A computer sells for $995, which is marked up 35% of the selling price. The cost of the computer is:

When markup is based on selling price, the cost is 100%.

Convert a 30% markup percent on cost to markup percent on selling price. (Round to the nearest hundredth percent.)

J.C. Penney sells a Timex watch for $139.99 that cost $89.97. J.C. Penney's percent of markup based on the selling price is:

Find the cost and markup of a stove if it sells for $400 and is marked up 100% of the cost.

Convert a 36% markup on selling price to the equivalent percent markup on cost.

May's Bakeshop makes triple chocolate brownies that cost $1.50 each. Past experience shows that 20% of the brownies will spoil. Assuming May wants a 40% markup based on cost and produces 200 brownies, what should each brownie sell for?

A video game sells at Arnolds for $14.99. Arnolds marks the game up at 40% of the selling price. The cost of the video game to Arnold is:

Belle's Bake Shop makes croissants that cost $1.75 each. Past experience shows that 10% of the croissants will spoil and have to be discarded. Assuming Belle wants a 45% markup based on cost and produces 300 croissants, each croissant should sell for:

An Apple iPod sells for $299, which is marked up 40% of the selling price. The cost of the iPod is:

Contribution margin is:

If percent markup on cost and selling price are known, one is able to compute the: