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Jun 03, 2023

1 An invoice dated December 23 is received with a shipment of basketball equipment from Taiwan on May 18 of the following year. The list price of the equipment is $3582, with allowed series discounts of 20/10/5. If cash terms of sale are 3/15 ROG, find the amount necessary to pay in full on April 26.

2. A retailer knows that 30% of the apples purchased will spoil and must be thrown out. If they buy 200 baskets of apples for $0.32 per basket and want a markup of 60% on the selling price, find the selling price per basket of apples.

3. A company paid $362.40 for an item. The original price was $491.80, but this was marked down 40%. If the operating expenses are 38% of the cost, find the operating loss and the absolute loss.

4. Sundaram needs $54,800 to remodel his home. Find the face value of a simple discount note that will provide the $54,800 in proceeds if he plans to repay the note in 180 days and the bank charges a 6% discount rate.

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Total: GBP120

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