C. Markup Based on Selling Price- Complete the following table by fi lling in the retail price based on the given costs and gross profi t margins:
Item Cost Gross Profi t Margin Retail PriceA $8.45 50%
B $34.99 11.25%
C $97.43 25%
D $5.92 2.5%- Complete the following table by fi lling in the retail price and markup amount based on the given costs and gross profi t
margins:
Item Cost Gross Profi t Margin Retail Price Markup AmountA $5.55 62.5%
B $64.02 21%
C $17.03 22.95%
D $101.01 31.52%- Complete the following table by fi lling in the retail price, markup amount, and markup percent on cost, given each
item’s cost and gross profi t margin.
Item Cost Gross Profi t Margin Retail Price Markup Amount Markup PercentA $7.01 40%
B $3.24 2.75%
C $91.07 33.33%- Complete the following table by fi lling in the retail price, gross profi t amount, and markup percent on cost, given each
item’s cost and gross profi t margin.
Item Cost Gross Profi t Margin Retail Price Markup Amount Markup PercentA $62.50 11%
B $15.44 35%
C $439.02 41.07%- StuffCo Stores uses a 24% gross profi t margin on men’s clothing. What would the retail price be for a polo shirt that
cost $8.42? - StuffCo Stores uses an 8% gross profi t margin on grocery items. Determine its retail price for a box of crackers for
which Stuffco’s cost is $1.73. - Find the retail price of an item for which the cost is $583.02, assuming a gross profi t margin of 22.5%.
- A consignment shop uses a 55% gross profi t margin. I place a men’s suit on consignment there, telling the owner that
I will not accept less than $20 for it. (The amount I receive is the shop’s cost for the item.) What is the lowest price the
shop can sell this item for?
Exercises 8.2 349Copyright © 2008, The McGraw-Hill Companies, Inc.