Find the Missing Quantities by First Computing the Markup on One

question 53

Multiple Choice

Find the missing quantities by first computing the markup on one base and then computing the markup on the other. Round rates to the nearest tenth of a percent and dollar amounts to the nearest cent.
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• A)Markup = $2.36 Selling price = $4.07 % Markup on cost = 36.7%
• B)Markup = $2.36 Selling price = $8.79 % Markup on cost = 26.8%
• C)Markup = $3.72 Selling price = $2.71 % Markup on cost = 57.8%
• D)Markup = $3.73 Selling price = $10.15 % Markup on cost = 57.8%

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Definitions:

Optimal Solution

The best possible outcome or answer found through a particular process of calculation, reasoning, or problem-solving, considering all constraints and objectives.

Northwest-Corner Rule

A method used in transportation models of linear programming for finding a feasible solution by starting allocations from the northwest corner of a matrix.

Initial Allocation

The initial distribution of resources or goods to various departments, tasks, or entities at the beginning of a period or project.

Transportation Method

A logistical decision on how goods are moved from one place to another, considering factors like cost, time, and the nature of the goods.