Calculate the Missing Information, Rounding Dollars to the Nearest Cent

question 54

Short Answer

Calculate the missing information, rounding dollars to the nearest cent and percents to the nearest tenth percent: $$\begin{array} { l l l l l l } & & \text { Amount of } & \text { Selling } & \begin{array} { l } \text { \% Markup } \\\text { based on }\end{array} & \begin{array} { l } \text { Markup Based } \\\text { on Selling }\end{array} \\\text { Item } & \text { Cost } & \text { Markup } & \text { Price } & \text { Cost } & \text { Price } \\\text { i Phone } & & \$ 82.00 & & & 16.4 \%\end{array}$$

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Definitions:

Cost Of Goods Sold

Cost of Goods Sold (COGS) is the direct costs attributable to the production of the goods sold by a company, including materials and labor costs.

Accounting Period

A specific duration of time for which financial records are maintained and financial statements are prepared to assess a company's financial performance and position.

Gross Profit Margin

A financial metric that measures the percentage of revenue exceeding the cost of goods sold.

Cost Of Goods Sold

The total expense incurred by a business to manufacture or acquire products that were sold during a specific period.