1, Given the following, calculate the Net Price, and round to the nearest cent.
ID: 3141663 • Letter: 1
Question
1, Given the following, calculate the Net Price, and round to the nearest cent.
List Price (LP) = $750
Trade Discount Rate (TDR) = 30%
2, Given a List Price of $1,400, and a Chain Discount of 12/10/5 calculate A) the Net Price, and B) the Trade Discount Amount, and round to the nearest cent.
3, Given the following, determine the end of the A) Discount Period, and B) the Credit Period:
Invoice Date: October 7
Terms: 2/10, n/30
4, Given the following, determine the end of the A) Discount Period, and B) the Credit Period:
Invoice Date: August 12
Terms: 3/10, n/30, ROG
Goods received on November 20
5, Given the following, determine the end of the A) Discount Period, and B) the Credit Period:
Invoice Date: November 17
Terms: 2/10, EOM
6, Betty Rich wants to buy a new line of stereos for her shop. Manufacturer A offers a Chain Discount of 15/12/3, while Manufacturer B offers a chain of 16/9/5. Assuming both manufacturers have the same list price, from which manufacturer should Betty buy?
7, An invoice for office furniture for $1,735.92, with terms of 2/10, n/60, is dated October 8. Determine:
A) The last day of the Discount Period.
B) If paid within the Discount Period, how much is the cash discount?
C) If the Discount Period is missed, on what date does the Credit Period end?
8, If the cost of a table is $75, and it sells for $130, what is the percent markup based on cost? Round to the nearest tenth percent.
9, Bill Angel marks up his goods 40% on cost. A Nikon camera cost Bill $370. What is Bill's selling price?
10, Given the following, calculate A) Dollar Markup, and B) Cost.
Selling Price: $1,200
Percent Markup on Selling Price: 40%
Explanation / Answer
Given list price = $750
Trade discount rate = 30%
Need to find the net price.
Net price = 750 - 30% of 750
= 750 - 0.30 ( 750 )
= 750 - 225
= 525
Therefore, Net price = $525
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