MAT 115 WEEK 4 QUIZ

MAT 115 WEEK 4 QUIZ
1	Solve for selling price
  82  C   
          M $450
  S
a.   $2500
b.   $369
c.   $549
d.   $2050
	
2.	Solve for cost.
100%  C   
         M_$64.50
125%  S
a.   $80.63
b.   $258
c.   $145.13
d.   $322.50
	
3.	Find the equivalent markup on either cost or selling price, using the appropriate formula. Round to the nearest tenth of a percent. 
Markup on Cost      Markup on Selling Price
                                    18.4%
a.   18.4%
b.   15.5%
c.   81.6%
d.   22.5%

4.	Find the equivalent markup on either cost or selling price, using the appropriate formula. Round to the nearest tenth of a percent.
Markup on Cost      Markup on Selling Price
        10%
a.   11.1%
b.   9.1%
c.   10.0%
d.   90.0%
	
5.	Complete the following. If there is no operating loss or absolute loss, write “none”.
        Operating   Break-even    Reduced    Operating    Absolute
Cost   Expense         Point           Price          Loss        Loss__  
$258       $35            $293           $250                         $8
a.   $43
b.   $8
c.   $35
d.   none
	
6.	Complete the following. If there is no operating loss or absolute loss, write “none”.
        Operating   Break-even    Reduced    Operating    Absolute
Cost   Expense         Point           Price         Loss         Loss__  
$780      $56            $836           $793         $43
a.   $56
b.   $13
c.   $43
d.   none
	
7.	Find the stock turnover at cost and at retail in the following. Round to the nearest hundredth.
Average Inventory    Average Inventoryl   Cost of Goods    Retail
        at Cost                   at Retail               Sold           Sales__
       $23,156                   $39,376             $142,765     $231,832
a.   1.70, 1.62
b.   6.17, 5.89
c.   .16, .17
d.   3.63, 10.01
	
8.	Lopez Luggage buys suitcases for $2520 per dozen. Find the selling price per suitcase if the retailer maintains a markup of 30% on the selling price.
a.   $273
b.   $300
c.   $210
d.   $258
	
9.	Ben- Better Buys sells a frying pan for $12.95 while using a markup of 28% on cost. Find the cost.
a.   $10.12
b.   $5.04
c.   $7.91
d.   $9.32
	
10.	Courtney- Crafts sells a child- pottery wheel for $24.99. If the pottery wheel costs the store $18.29, find the markup as a percent of the selling price. Round to the nearest tenth of a percent.
a.   73.2%
b.   36.6%
c.   26.8%
d.   6.7%
	
11.	Dollars Galore offers a sewing kit for $2.59. If the kits cost $19.80 per dozen, find the percent of markup on cost. Round to the nearest tenth of a percent.
a.   63.7%
b.   36.3%
c.   43.0%
d.   57.0%
	
12.	A swimming suit originally priced at $89 is marked down to $52. Find the percent of markdown on the original price. Round to the nearest tenth of a percent.
a.   58.4%
b.   41.6%
c.   37.0%
d.   71.2%
	
13.	Harborfront Interiors, a retailer, pays $125 for an area rug. The original selling price was $170, but it was marked down 30%. If operating expenses are 18% of cost, find the absolute loss.
a.   $22.50
b.   $28.50
c.   $6
d.   $45
	
14.	The Cosmetics Warehouse had an inventory of $31,420 on January 1, $41,506 on July 1, and $37,288 on December 31. Find the average inventory.
a.   $36,738
b.   $110,214
c.   $55,107
d.   $37,288

15.	The Light Source made the following purchases of a certain candle holder during the year: 15 at $8.50 each, 25 at $9.25 each, 15 at $11.25 each, and 35 at $7.55 each. An inventory shows that 22 candle holders remain. Find the inventory value using the weighted-average method. Round to the nearest dollar amount.
a.   $192
b.   $194
c.   $187
d.   $166