In the last topic, i.e., understanding discount and markup, we learnt about markup and discount percentages and how to calculate the selling price when discount and markup are given. Here, you will have to solve some problems based on the concept of markup and discount. But before you need to keep the following formulae in your mind in order to solve problems based upon the concept of discount and markup:
1. Markup = markup percent x cost/store price
2. Selling price = markup price + cost/store price
3. Discount amount = discount percent x cost/store price
4. Selling price = cost/store price – discount amount
Now, based upon the above given formulae try to solve the following problems:
1. The store piece of a tshirt is $50. If the markup set by the store is 30%. Calculate the markup price set by the store on the tshirt.
2. The store price of an electronic gadget is $100. If the markup percent set by the store is 45%. Calculate the markup price set by the store on the electronic gadget.
3. The cost price of a certain object is Rs1,500. The markup percent set by the shopkeeper is 50%. Calculate the markup price and selling price of the object.
4. The cost price of a video player is $250. The markup percent set by the store is 30%. Calculate the markup price set by the store on the video player. Also, find the selling price of the video player.
5. If the selling price of a certain instrument is $300. If the markup set by the store was 20%. Then calculate the cost price of the instrument. Also, find the markup price for the instrument.
6. The store price of a jeans is $50. If the discount given by the store is 45%, calculate the discount amount offered by the store on the jeans.
7. The cost price of a mixer grinder kept in a sale is Rs3,000. If the discount offered on the grinder is 30%. Calculate the discount price that is offered on the grinder.
8. The store price of an object is $35. If the discount offered by the store is 25%. Calculate the discount amount and selling price of the object.
9. The cost price of an instrument is $350. If the discount offered by the shopkeeper is 65%. Calculate the discount amount and selling price of the instrument.
10. The selling price of a tshirt is $95. If the discount offered by the store was 45%. Calculate the cost price of the tshirt. Also, find the discount amount offered by the store.
11. The cost price of a music player is $150. If the owner of the store thinks to keep a markup of 45% and gives a discount of 20% of the cost price (excl. markup) of the player. Then calculate the selling price of the music player.
12. Solve the above problem if the owner decides to offer the same discount percent on the music player if the discount is kept on the cost price including the markup price. In which case the discount offered is more and by how much?
Solutions:
1. $15
2. $45
3. Markup = Rs750
Selling price = Rs2,250
4. Markup = $75
Selling price = $325
5. Cost price = $250
Markup = $50
6. $22.5
7. Rs 900
8. Discount = $8.75
Selling price = $26.25
9. Discount = $227.5
Selling price = $122.5
10. Discount = $42.75
Selling price = $52.25
11. Selling price = $187.5
12. Selling price = $174
Discount offered in case 2 is higher than that offered in case 1 and the difference between the discounts is $13.5.
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Worksheet on Cost Price, Selling Price and Rates of Profit and Loss
Understanding Discount and Mark Up
Worksheet on Discount and Markup
Worksheet on the application of overhead Expenses
Worksheet on Successive Discounts
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