MAT 116 Week 2: Assignment Analysis
Axia College Material
MAT 116 Week 2 Application Assignment
Name:
Score: c/50
Starting a Business
Work must be shown for full credit.
Equation Editor must be used where necessary. See your Procedures document for further information.
Be sure to save your document as a Word Document so that graph and equation objects are not converted to images. Images are equivalent to scans and are not acceptable in place of equation editor objects.
Reduce all fractions to lowest terms.
Each question is worth 5 points.
First, save this file to your hard drive by selecting Save As from the File menu. Click the white space below each question to maintain proper formatting
Starting your own business can be exciting and daunting at …show more content…
“Markup” is a term used for how retail price is calculated from the wholesale price. The following formula expresses this relationship:
R = (M+1)W Where R is the retail price, M is the markup and W is the wholesale price. For example, if an item wholesales for $4, and you apply a 50% markup, the item would retail for R = (0.5 + 1)(4) = $6.00
To find the markup required to achieve a given retail price from a given wholesale price, the formula is rearranged to
What is the markup you must apply to your initial inventory to meet your gross target in year 1? Use your result from #5. Round your answer to the nearest percent.
Work and Answer
Instructor Comments
Yr 1 Inventory
$55,000.00
Gross Salaries 1st yr
$84,000.00
Expenses
$13,000.00
No Loan
Less Loan amount
($68,000.00)
$84,000.00
Need $ (Retail Value)
$84,000.00
Inventory (Wholesale Value)
$55,000.00
Formula
M=(R/W)-1
=(84000/55000)-1
Markup equals: …show more content…
You are considering several different locations, so your total expenses may be different than the value found in problem 1. You are also considering changing the number of employees to start. Using the year 1 inventory and the personal and employee salary figures from the table of preliminary figures, but using E for the total expenses (expenses, rent, utilities and operational expenses) instead of the value from the table, and n for the number of employees, write a general algebraic expression that expresses your total year one costs. Simplify the expression. Evaluate the expression for a total expense value of $12,000 and 3
MAT 116 Week 2 Application Assignment
Name:
Score: c/50
Starting a Business
Work must be shown for full credit.
Equation Editor must be used where necessary. See your Procedures document for further information.
Be sure to save your document as a Word Document so that graph and equation objects are not converted to images. Images are equivalent to scans and are not acceptable in place of equation editor objects.
Reduce all fractions to lowest terms.
Each question is worth 5 points.
First, save this file to your hard drive by selecting Save As from the File menu. Click the white space below each question to maintain proper formatting
Starting your own business can be exciting and daunting at …show more content…
“Markup” is a term used for how retail price is calculated from the wholesale price. The following formula expresses this relationship:
R = (M+1)W Where R is the retail price, M is the markup and W is the wholesale price. For example, if an item wholesales for $4, and you apply a 50% markup, the item would retail for R = (0.5 + 1)(4) = $6.00
To find the markup required to achieve a given retail price from a given wholesale price, the formula is rearranged to
What is the markup you must apply to your initial inventory to meet your gross target in year 1? Use your result from #5. Round your answer to the nearest percent.
Work and Answer
Instructor Comments
Yr 1 Inventory
$55,000.00
Gross Salaries 1st yr
$84,000.00
Expenses
$13,000.00
No Loan
Less Loan amount
($68,000.00)
$84,000.00
Need $ (Retail Value)
$84,000.00
Inventory (Wholesale Value)
$55,000.00
Formula
M=(R/W)-1
=(84000/55000)-1
Markup equals: …show more content…
You are considering several different locations, so your total expenses may be different than the value found in problem 1. You are also considering changing the number of employees to start. Using the year 1 inventory and the personal and employee salary figures from the table of preliminary figures, but using E for the total expenses (expenses, rent, utilities and operational expenses) instead of the value from the table, and n for the number of employees, write a general algebraic expression that expresses your total year one costs. Simplify the expression. Evaluate the expression for a total expense value of $12,000 and 3