Question

4)An invoice for computer parts totals $797, including $3.67 for shipping and insurance. The terms are 1/10, n/45. If this invoice is paid within 10 days, how much is owed? Round to the nearest cent.

5)The Oak House had a markup of $21.81 on an oak table that they sold for $77.99. Find (a) the cost, (b) the markup on cost. Round dollars to the nearest cent and rates to the nearest tenth of a percent.

6) Toys4U purchases tricycles for $25. The store's operating expenses are 22% of cost with a net profit of 12% of cost. Find the selling price of one tricycle.

Answer 1

Answer 4
Calculation of total amount owed
Invoice for computer parts	$797.00
Less : Shipping and insurance	$3.67
Cost of Comupter parts	$793.33
Less : Sales discount [1% of $793.33]	$7.93
Amount owed	$785.40
Answer 5
Cost of Oak table
Sale price of Oak table	$77.99
Less : Markup	$21.81
Cost of Oak table	$56.18
Markup of cost = Markup / Cost of Oak table = $21.81 / $56.18 = 38.82%
Answer 6
Calculation of the selling price of one tricycle
Purchase cost of tricycle	$25.00
Add : Operating Expenses [$25 x 22%]	$5.50
Add : Net profit [$25 x 12%]	$3.00
Selling price of tricycle	$33.50