$75-2% of 0.95 × 0.80 of $75 = 0.98 × 0.95 × 0.80 of $75 is the amount left after the third discount. .. 0.98 × 0.95 × 0.80 of $75 = $55.86 is the net price or cost. Second Solution. 5)$75 = list price. Ex. 3. What must be the list price of goods in order to realize $243 after deducting discounts of 25%, 10% and 10%? 1. Find the net amount of the bill to render in each of the following cases: (a) $750 less 331%. (b) $1250 less 25% and 15%. (c) $525 less 20%, 10% and 5%. (e) $5050.75 less 50% and 10%. 2. March 1, 1903, the Manhattan Electrical Supply Co. sold George J. Fiske & Co. the following bill of goods, 60 da., 2% 10 da. : 2 electrical gongs at $17.22 each, less 40% and 10%; 2 hotel annunciators at $15 each, less 60%; 2 spools of wire at 75 ct. each, less 50% and 10%. Find the amount to be remitted if paid March 11, and write the bill rendered. 3. A piano listed at $750 was sold at a discount of 40% and 10%. If the freight was $4.87 and drayage $3, what was the net cost of the piano? 4. Find the net cost of a piece of Rogers's statuary listed at $65 and discounted at 35%, 20%, 10% and 5%. 5. A merchant buys $1750 worth of goods at a discount of 331% and 10%. If he sells the goods at the list prices, what is the rate of gain on the cost? 6. A car load of flour weighing 195 hundredweight cost a grocer $1.85 a hundredweight. If he is allowed a discount of 1% for cash and sells the flour for $2.10 a hundredweight, how much does he make? 7. Which is the greater, a discount of 10%, 10% and 10%, or a discount of 20%, 5% and 5%? 8. A merchant buys goods at a discount of 40% and 10% and sells at a discount of 30% and 5%. What is his gain per cent? 9. A certain publishing house allows a discount of 16% on all orders under $100, 163% and 10% on all orders between $100 and $500, and 16%, 10% and 5% on all orders above $500. If three dealers wish to send in orders amounting to $ 60, $175 and $350 respectively, how much will each one gain if they combine their orders? 10. Which is the better discount for a buyer to take: (a) 331%, 10% and 5%, or 40% ? (b) 10%, 10% and 5%, or 25% ? (e) 40% and 15%, or 40%, 10% and 5%? (d) 50% and 15%, or 60%? 11. How much above the cost must a book marked $2 be sold, if 10% is taken from the marked price and a profit of 10% on the cost is still made? 12. One firm offers to sell $500 worth of galvanized pipe at a discount of 40%, 10% and 5%, and another firm offers a discount of 331%, 20% and 10%. Which is the better rate of discount and what is the difference in dollars? 13. Office furniture amounting to $750 was inventoried at the end of the first year at 25% below cost and at the end of the second year at 15% below inventory. What was the loss in value? 14. If a grocer buys sugar at 3.42 ct. per pound and sells it at 4 ct., what is his gain per cent? 15. A dealer marked his goods at 331% above cost, but sold at a certain per cent discount and still made 15% on the cost. What was the rate per cent of discount? 16. What three equal rates of discount are equivalent to a single rate of 27.1%? LYMAN'S ADV. AR. -11 MARKING GOODS 240. Most merchants use a private mark to indicate the cost and selling price of goods. They usually select some word or phrase containing 10 different letters and use it as a key. These letters are used to represent the 9 digits and 0. In this way the cost and selling price will be understood only by those who know the key. Two different keys are generally selected, one to mark the cost and the other to mark the selling price. One or more extra letters, called repeaters, are used to avoid the repetition of a figure and to prevent giving any clew to the private mark used. The cost is usually written above and the selling price below a line. 241. The words equinoctial (omitting the last i) and importance are adapted for use as keys, since they both contain 10 different letters. These words give the following keys: 1 2 3 4 5 6 7 8 9 0 c e Repeaters x and y. Thus, if a merchant pays $29.98 per dozen for hats, and sells them for $3.50 each, he would mark them $qa.xt $p.re EXERCISE 55 1. Explain why, if the cost of a dozen articles is divided by 10, the result will give the retail price of one article with a profit of 20% added. 2. Explain why, to make a profit of 331%, the cost of a dozen articles may be divided by 10 and of the result added. 3. Determine short methods of finding the retail price of one article when the cost per dozen is given and the dealer wishes to make a profit of 35%; 37%; 40%; 50%; 60%. 4. A merchant buys shirts for $12.50 per dozen. For what price must he sell them to make 50%? 40%? 5. A merchant retails neckties at 50 ct. and makes 50%. How much did they cost him per dozen? Using equinoctal and importance as keys, mark the cost and selling price of the following articles: 6. Gloves costing $5 per dozen and selling for $6.50. 7. Hats costing $22.50 per dozen and selling at 20% gain. 8. Caps costing $7.50 per dozen and selling at 331% gain. 9. Shoes costing $1.98 and selling at 25% gain. 10. Rubber boots costing $2.68 and selling at $3.75. 11. Make a key of the letters contained in the words Cumberland and Charleston spelled backward, and mark the articles given in Ex. 6 to 10. 12. A merchant sold a bill of goods that cost $125; the asking price was 30% in advance of the cost, from which a wholesale discount of 15% was allowed. What was the per cent gain? 13. An invoice of hats costing $112 is marked so as to sell at 40% profit. Does the merchant gain or lose if the hats are sold at 30% discount from the marked price? |