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MATH with BUSINESS APPS MARKUP/MARKDOWN 1. An item is reduced from $60 to $52. What are the markdown and the rate of markdown? 2. Selling price = $1,459 3. An item costs $150 and is marked up 35% based on cost. The item is marked down 15% and then 10%. What is the final selling price? 4. A sweater that originally sold for $85 is hanging on the 20% off rack. Darlene has a coupon for an additional 10% off the reduced price. How much does she pay for the sweater? 5. Wholesale price = $54 Markup = 55% of cost Sale Markdown = 20% Closeout Markdown = 40% Find the final selling price. Reduce Price = $1,325 Find markdown and rate of markdown. MATH with BUSINESS APPS MARKUP/MARKDOWN, PAGE 2 6. Piggly Wiggly orders 800 pounds of Red Delicious apples at a cost of $0.38 per pound. The grocery expects to lose 12% of the apples to spoilage. If Piggly Wiggly wants to make a gross profit of 80% based on the cost, what should the per pound selling price be for the apples? a) What is the cost of the 800 pounds of apples? b) How many pounds of apples will actually be sold? c) What is the per pound cost of the apples that are actually sold? d) Mark up the per pound cost in c) by 80% to find the selling price. An example of this type of problem is on page 327. Try problems 13 and 14 on page 330 to make sure you’ve got the idea.
