Calculate the Missing Information, Rounding Dollars to the Nearest Cent

question 36

Short Answer

Calculate the missing information, rounding dollars to the nearest cent and percents to the nearest tenth percent: $\begin{array}{c}\begin{array}{lll}\\\underline{\text {Item}}\\\text { Bracelet }\end{array}\begin{array}{lll}\\\underline{\text {Cost}}\\\\\end{array}\begin{array}{lll}\\\underline{\text {Markup}}\\\\\end{array}\begin{array}{lll}\text {Amount of}\\\underline{\text {Selling Price}}\\\$36.00\end{array}\begin{array}{lll}\text {Percent Markup}\\\underline{\text {Based on Cost}}\\125\%\end{array}\end{array}$

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Definitions:

Activity-Based Costing

An accounting method that assigns costs to products based on the activities performed for the product, providing more accurate cost information.

Assembly Hours

The total time required to assemble a product, measured in hours, which reflects the labor input needed to complete production.

Overhead Cost

Indirect costs not directly associated with the production of a specific product or service, including expenses like rent, utilities, and administrative salaries.

Activity-Based Costing

An accounting method that assigns costs to products or services based on the resources consumed by the activities undertaken to produce them.