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25. The spoilage rate on a shipment of 500 pounds of mussels is expected to be 20%. They were puchased at a cost of $5.56 per pound. What should the selling price per pound be to achieve a markup of 6% based on cost? (Note: Round your answer to the nearest cent.)
24. The wholesale cost of a jacket is $75. The original markup was 59% based on selling price. Find the final sale price after the following series of price changes: a markdown of 40% and a markdown of 44%. (Round each intermediate selling price to the nearest cent.)
21. A retailer purchased a refrigerator for $1,550. What selling price should be used if the markup is supposed to be 9% based on selling price?
20. The selling price for a sailboat is $16,276.60. What percent of the sale price is the markup if the cost of the sailboat was $15,300? Round to the nearest whole percent.
15. You are the manager of World Wide Athlete, a chain of six sporting goods shops in your area. The shops sell 5 racing bikes per week at a retail price of $659.36. Recently, you put the bikes on sale at $578.61. At the sale price, 23 bikes were sold during the one-week sale.
a. What was your markdown percent on the bikes? Round to the nearest tenth of a percent and do not enter the percent symbol in your answer.
b. What is the percent increase in number of bikes sold during the sale? Round percent to the nearest tenth of a percent. Do not enter the percent symbol in your answer.
c. How much more revenue would be earned in six months by permanently selling the bikes at the lower price rather than having a one-week sale each month? (6 sale weeks in 26 weeks)
$d. As manager of World Wide, would you recommend this permanent price reduction based on these results?
14. Prestige Produce purchases 430 pounds of sweet potatoes at $0.68 per pound. If a 20% spoilage rate is anticipated, at what price per pound should the sweet potatoes be sold to achieve a 25% markup based on selling price? Do not enter units in your answer.
10. Solve the following word problem. Round percents to the nearest tenth of a percent.
Item | Percent Markup Based on Cost | Percent Markup Based on Selling Price |
flashlight | 13% |
3. For the following item, calculate the missing information. Round dollars to the nearest cent.
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