Sales Taxes New Brunswick

Transcription

1 1 GMF10 Name Period HST, Discounts & Mark- ups Sept 13, 2017 Goal: N1: Solve problems that involve unit pricing & discounts & markups(including % increase or decrease of the original sale price) Sales Taxes New Brunswick HST (Harmonized Sales Tax) is a tax on goods services that combines the GST (Goods and Services Tax a federal tax) and PST (provincial sales tax). In New Brunswick the HST is 15%. Calculate the HST and Total Cost of the goods and services. 1. Sweater $ TV $ Gym membership $ Bracelet $ Boots $ Jeans $14.97

2 2 Mark-up of Items The markup of an item is the difference between the amount the store sells the product (retail price) for and the amount store paid for the product initially (wholesale price). Markup in $ (MU$) = markup % (MU%) x wholesale price (WP) Retail Price (RP) = wholesale price (WP) + markup in $ (MU$) Markup Rate (MU%) = Markup in $ (MU$) x 100% Wholesale Price (WP) Examples: 1. Melanie owns a clothing store. Her standard markup is 85%. She bought the coat from the wholesaler at $ What is the markup in dollars? What is the retail price? 2. The markup on a bicycle in a sporting goods store is 125%. The bicycle s wholesale price is $ What is the markup in dollars? What is the retail price?

3 3 3. Marco buys a certain brand of shampoo from a supplier at $7.25 per bottle. He sells it to his customers at a markup of 25%. What is the markup in dollars? 4. Maria is a florist in a small boutique. If she paid her supplier $8.50/dozen for roses and sold them for $19.95, what was the percent markup? 5. Jerry owns a clothing store buys a certain suit for $65.00 from the wholesaler. He sells the suit for $ What was the percent markup? 6. The wholesale price of a dress is $45. The retail price of the dress is $ What is the percent markup?

4 4 7. The wholesale price of a text book is $ It is marked up 60%. What is the markup in dollars and the retail price? 8. A car that sells for $ has a wholesale price of $ What is the percentage markup? 9. The wholesale price of a calendar is $ If it is marked up 70%, what does a customer pay for the calendar including the 15% HST? 10. A hat which sells for $26.65, has a wholesale price of $ What is the percent markup?

5 5 Practice: 1. A hanbok is a formal, traditional outfit of Korean clothing. At a markup of 60%, what would be the retail price far a child s hanbok with a wholesale price of $117.45? 2. What should Max charge for a package of paper plates in his store if he bought them for $9.00 and wants to mark them up 75%? 3. What is percent markup of a $13.00 (wholesale price) hat that sells for $21.06? 4. What is the percent markup of a $39.50 wagon that sells for $75.84?

6 6 5. The wholesale price of a motorcycle is $3500. If it is marked up 55%, what is the retail price? 6. The wholesale price of a camera is $ If the retail price is $203.49, what is the percent markup?

7 7 Discount of Items a discount is a reduction in the retail price by a certain amount (also called a markdown) ex. 40% off, 1 3 off, $10 off Amount of Discount(D$) = Rate of Discount (D%) x Retail Price(RP) Sale Price(SP) = Retail Price(RP) Amount of Discount(D$) Rate of Discount(D%) = Amount of Discount(D$) x 100 % Retail Price(RP) Examples: 1. A store sells a 250g of medium Dutch Gouda for $4.38. The store puts the cheese on sale for 15% off. What is the discount in dollars and the sale price? 2. Lobster is regularly $15.00/kg. Find the sale price if it is discounted 20%?

8 8 3. You are shopping at a sale and see a $ barbeque on sale for ⅓ off. What is the discount and the sale price? 4. What is the percentage discount if a $ item sells for $150.00? 5. You purchased an Ipod touch for $225. The original price was $300. What percentage discount did you receive? 6. In a store opening promotion, Fred advertises T- shirts: Buy 4 get 1 free. If the cost of 1 T- shirt is $15.97, what is the discount rate, as a percent?

9 9 Practice of Discount of Items: 1. Samantha wants to buy a new TV. The model she likes costs $675.95, but the clerk tells her that it is going on sale next week at 40% off. If Samantha waits one week, how much will she save on the price of the TV? 2. How much will Jordan save on the price of a computer listed at $ if it is discounted by 30%? What is the sale price? 3. Nicole buys a coat originally priced at $ on sale at ¼ off. What is her sale price including a 15% HST? 4. A bicycle that was originally priced at $ sold for $ What is the percent discount?

10 10 5. A microscope that originally sold for $34.95 is on sale for $ What is the percent discount? 6.A supermarket regularly charges $5.89 for a package of pizza snacks. During a sale, the supermarket offer the promotion Buy one at the regular price, get a second one for half price. What percent do save if you pick upd 2 packages?

11 11 Answer Key Mark- up of Items Page 1 1) 15% HST = $7.50 TC = $ ) 15% HST = $ TC = $ ) 15% HST = $56.25 TC = $ ) 15% HST = $32.25 TC = $ ) 15% HST = $8.25 TC = $ ) 15% HST = $2.25 TC = $17.22 Pages 2-4 1) MU$ = $ RP = $ ) MU$ = $ RP = $ ) MU$ = $1.81 4) MU% = 135% 5) MU % = 163% 6) MU% = 145% 7) MU$ = $ ) MU% = 30% 9) RP = $ ) MU% = 30% Pages 5-6 1) RP = $ ) RP = $ ) MU% = 62% 4) MU% = 92% 5) RP = $5425 6) MU% = 10%

12 12 Answer Key Pages 7 8 Discount of Items 1) SP = $3.72 2) SP = $12.00/kg 3) D$ = $ SP = $ ) D% = 14.3% 5) D% = 25% 6) D% =20% Pages ) D$ = $ ) SP = $ ) SP = $ (15% included in this price) 4) D% = 30% (29.55 rounded to the nearest %) 5) D% = 30% (29.99 rounded to the nearest %) 6) D% = 25%