Professional Security Systems purchased 5 dozen dead-bolt lock sets from a manufacturer for $255. If the company's markup rate is 28% of the selling price, what is the selling price of each lock set?
Determine the cost ratio (Retail Method) for Twilight Games and Comix Store if the cost of goods available for sale is $36,000 and the retail value of goods available for sale is $90,000. (Express your answer to the nearest one-thousandth).
255 / 60 = 4.25
4.25 * 1.28 = $5.44
Thanks Ms. Sue. Can anyone help with the second question.
if i have 5 blue ball,8red balls 15green balls and 2 black balls what is the probability that i pull the green ball
To find the selling price of each lock set, we need to determine the total cost and the markup rate.
1. Total cost of the lock sets:
Professional Security Systems purchased 5 dozen lock sets, which is equivalent to 5 x 12 = 60 lock sets.
Since each dozen contains 12 lock sets, the total number of lock sets purchased is 60 / 12 = 5 dozen.
The cost of 5 dozen lock sets is $255.
2. Cost per lock set:
To find the cost per lock set, we divide the total cost by the total number of lock sets.
Cost per lock set = Total cost / Total number of lock sets
Cost per lock set = $255 / 60 = $4.25
3. Markup rate:
The markup rate is given as 28% of the selling price. Therefore, the selling price is 100% + 28% = 128% of the cost price.
4. Selling price per lock set:
To find the selling price per lock set, we need to apply the markup rate to the cost price.
Selling price per lock set = Cost per lock set * Markup rate
Selling price per lock set = $4.25 * 1.28 = $5.44
Therefore, the selling price of each lock set is $5.44.
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To determine the cost ratio (Retail Method), we need to calculate the cost-to-retail ratio.
1. Cost-to-retail ratio:
The cost-to-retail ratio is calculated by dividing the cost of goods available for sale by the retail value of goods available for sale.
Cost-to-retail ratio = Cost of goods available for sale / Retail value of goods available for sale
2. Calculation:
Given that the cost of goods available for sale is $36,000 and the retail value of goods available for sale is $90,000, we can substitute these values into the formula:
Cost-to-retail ratio = $36,000 / $90,000
3. Simplifying:
Cost-to-retail ratio = 0.4
Therefore, the cost ratio (Retail Method) for Twilight Games and Comix Store is 0.4.