You are the manager of a camera store. Use the advertisement to answer the questions. (Round dollars to the nearest cent and percents to the nearest tenth of a percent.)$129.99$199.99An advertisement shows two cameras for sale.The PowerShooter 1800 sells for $129.99.The CyberShooter 2400 sells for $199.99.(a)If the PowerShooter 1800 is marked up by $66.50, what is the cost (in $) and what is the percent markup based on cost?cost$percent markup based on cost %(b)If the CyberShooter 2400 has a cost of $79.00, what are the amount of the markup (in $) and the percent markup based on cost?amount of the markup$percent markup based on cost %

Markup is the difference between the cost and selling price of the product. It is also known as margin. It is calculated by deducting cost from selling price.Requirement (a) :- Cost (in $) :- Selling price - markup amount = $129.99 - $66.50 = $63.49 Percent markup based on cost :- (Markup amount / cost)*100 = ($66.50 / $63.49)*100 = 1.047 * 100 = 104.7%Requirement (b) :- Markup (in $) :- Selling price - cost = $199.99 - $79 = $120.99 Percent markup based on cost :- (Markup amount / cost)*100 = ($120.99 / $79)*100 = 1.532 * 100 = 153.2%

Answered: You are the manager of a camera store.…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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You are the manager of a camera store. Use the advertisement to answer the questions. (Round dollars to the nearest cent and percents to the nearest tenth of a percent.)

$129.99

$199.99

An advertisement shows two cameras for sale.

The PowerShooter 1800 sells for $129.99.
The CyberShooter 2400 sells for $199.99.

(a)

If the PowerShooter 1800 is marked up by $66.50, what is the cost (in $) and what is the percent markup based on cost?

cost$percent markup based on cost %

(b)

If the CyberShooter 2400 has a cost of $79.00, what are the amount of the markup (in $) and the percent markup based on cost?

amount of the markup$percent markup based on cost %

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