Calculate the Missing Information, Rounding Dollars to the Nearest Cent

question 50

Short Answer

Calculate the missing information, rounding dollars to the nearest cent and percents to the nearest tenth percent: $$\begin{array} { l l l l l l } & & \text { Amount of } & \text { Selling } & \begin{array} { l } \text { \% Markup } \\\text { based on }\end{array} & \begin{array} { l } \text { \% Markup Based } \\\text { on Selling }\end{array} \\\text { Item } & \text { Cost } & \text { Markup } & \text { Price } & \text { Cost } & \text { Price } \\\text { Truck } & \$ 18,249.00 & \$ 1,164.83 & & &\end{array}$$

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Definitions:

Planning Gap

The difference between a company’s current performance and its desired goals, often leading to strategic changes to bridge the gap.

Contribution Margin

A financial metric that represents the difference between sales revenue and variable costs, indicating how much revenue contributes to fixed costs and profit.

Break-Even Point

The point at which total costs match total revenue, meaning there is neither profit nor loss.

Sales Differential

Sales differential is the difference in sales volume between a company’s actual sales and a predetermined benchmark, such as past sales performance or market expectations.