Retailing Math Problems

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Please answer the following questions and the discussion post

Short Questions:

  1. Define the following price strategies that retailers use: EDLP/EDVP, High/Low, Good/Better/Best.
  • If a buyer’s markup plan is 68.0% for March and the cumulative markup for all orders placed is 64.2%, what actions can the buyer take to meet their markup plan for the month?

Quantitative Problems

Solving for the Retail Price: Page 65

4) The girl’s buyer purchases leggings at a cost price of $4.80 and the markup is $7.20. What is the retail price for the leggings?

5) If the electronics buyer purchases televisions at a cost price of $375.00 and the markup is $224.99, what is the retail price for the televisions?

Solving for the cost price: Page 66

8) A pair of denim jeans retails for $199.00, and the markup is $107.50. What is the cost price?

9) A man’s belt retails for $59.00, and the markup is $37.00. What is the cost price?

Solving for the Markup dollars and Markup PercentagePage 67

12) What is the markup percentage on a jacket that costs $49.75 and retails for $125?

13) If a necklace retails for $36.00 and the cost is $10.80, what is the markup in dollars and percentage at retail for the necklace?

14) If a private label missy T-shirt retails for $19.00 and the cost is $7.20, what is the markup for the T-shirt in both dollars and percentage at retail?

15) If a pair of brand name leather boots has a retail price of $149.00 and the cost is $70.00, what is the markup for the boots in both dollars and percentage at retail?

Markup Practice Problems: Page 79-80

16)

 Cost $Retail $Markup $Markup %
a.$150.00$349.99  
b.$30.00/ dzn $4.00 
c. $36.00$21.00 
d. $100.00 64.0%
e.$18.20  72.0%
f. $240.00 53.6%
g.$90.00  55.0%

20) A buyer for an off-price retailer wants to sell one- piece swimsuits at retail of $39.99. The planned markup is 60.0%. What is the cost price the buyer should negotiate for?

21) You are the jewelry buyer for a large mass market chain. For the Holiday season you are planning a boxed jewelry “Gifts to Go” promotion for $14.99. The markup for the promotion is planned at 39.0%. What is the maximum cost price that you will pay for the boxed jewelry?

22) A toy buyer planned a special sale of dolls to retail at $25 each. If the overall markup on the purchase was 46%, what was the cost per doll?

23) Given the following departmental markups and average retails per department, what is the maximum cost that the buyer can pay?

            a. Sneakers 58.4% markup; Retail price $69.00.

            b. Men’s ties, 61.7% markup, Retail price $39.00.

Calculate the retail price given the cost and the planned MU%: Page 81-82

25) An eye shadow compact costs $20. 40, and the markup is 40.0%. What is the retail price of the compact?

27) A buyer will purchase handbags at a cost of $37.75, and the planned MU% for the department is 62.0%. What is the minimum retail price for each handbag? What possible retail price for each handbag might be used if you were the buyer of a department store? An off-price retailer?

28) If the cost of a swimsuit is $26.50 and the MU% is 61.5%, what is the retail price for which you can sell the swimsuit? What pricing strategy should the store use if you are a fast fashion retailer?

29) If a graphic T-shirt costs $6.95 and the MU% is 53.4%, what is the retail price for the T-shirt? What would the pricing strategy be?

Cumulative/Total Markup Problems for a Purchase Practice Problems: Page 83-86

31) A buyer purchased 50 assorted leather briefcases that cost $79.50 each and establishes retail prices based on the style as follows:

  • 25 zip-top briefcases to retail for $175 each.
  • 10 messengers to retail for $150 each.
  • 15 backpacks to retail for $125 each.

34) The shoe buyer is buying different styles of thong sandals that will retail for $49.00. The styles the buyer is going to purchase are 1,200 units of metallic-colored sandals that have a cost price of $21.50 each and 3,000 units of printed thong sandals that have a cost price of $18.00 each. What is the markup percentage for this buy?

35) The plant buyer is buying the following twill pants:

            Vendor A: 6,000 pants at $24.75 cost to retail at $54.00

            Vendor B: 7,200 pants at $21.00 cost to retail at $49.00

  1. Calculate the IMU$ and IMU% for Vendor A.
  • Calculate the IMU$ and IMU% for Vendor B.
  • Calculate the CMU% for the total buy.

36) The infant’s buyer is buying one-piece sleepers from different vendors to retail at $12.00. The buy is as follows:

            Vendor A: 600 sleepers at a cost  of $4.20

            Vendor B: 480 sleepers at a cost of $5.30

  1. Calculate the IMU$ and IMU% for Vendor A.
  • Calculate the IMU$ and IMU% for Vendor B.
  • Calculate the CMU% for the total buy.

38) The activewear buyer is buying a new fashion group for a discount retail chain. The buy is as follows:

1,500 hoodies at $22.50 cost to retail at $59.99

1,800 pants at $17.75 cost to retail at $49.99

2,700 striped T-shirts at $10.25 cost to retail at $24.99

1,200 tank tops at $5.75 cost to retail at $14.99

  1. Calculate the CMU% for this order.
  • If the buyer’s markup plan for the month is 65.6%, what will the buyer need to do?

Cumulative/Total Markup Application Problems: Page 87-88

39) The jewelry buyer wants to spend $15,000 at retail. The department maintains a 56.7% markup. The buyer needs a minimum of 600 pairs of earrings to cover each branch with an adequate assortment.

            a. What should be the retail price per pair?

  • What should be the cost per pair?

40) The home buyer has a budget of $60,000 for February receipts. The minimum amount of sheet sets in each store is 1,200. The departmental CMU% is 58.0%.

            a. What is the retail price per sheet set?

            b. What is the cost price that the buyer needs to pay for the sheet sets?

41) For a Fall pump promotion, the buyer wants to spend $419,940 at retail. The buyer needs to buy 6,000 pairs of shoes. If the planned MU% is 55.8%, find:

            a. The retail price per pair of shoes.

            b. The cost price per pair of shoes the buyer will need to pay.

43) For a monthly T-shirt buy, you will be spending $22,560 at retail. Orders for $7,980 at cost have been placed. The planned MU% is 71.5%. What is left in retail dollars for you to place?

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