Math Problem Statement

The manager at Gabriela's Furniture Store is trying to figure out how much to charge for a book shelf that just arrived. The book shelf was bought at a wholesale price of [$147.00], and Gabriela's Furniture Store marks up all furniture by [60%].

At what price should the manager sell the book shelf?

Solution

To find the price the manager should sell the bookshelf for, we need to apply the markup percentage to the wholesale price.

  1. Wholesale Price: $147.00
  2. Markup Percentage: 60%

The formula for finding the selling price is:

Selling Price=Wholesale Price+(Markup Percentage×Wholesale Price)\text{Selling Price} = \text{Wholesale Price} + (\text{Markup Percentage} \times \text{Wholesale Price})

First, calculate the markup amount:

Markup Amount=60%×147=0.60×147=88.20\text{Markup Amount} = 60\% \times 147 = 0.60 \times 147 = 88.20

Now, add the markup amount to the wholesale price:

Selling Price=147+88.20=235.20\text{Selling Price} = 147 + 88.20 = 235.20

Thus, the manager should sell the bookshelf for $235.20.

Do you want more details or have any questions?

Here are 5 related questions to consider:

  1. What if the markup was 50% instead of 60%? What would the new selling price be?
  2. How would you calculate the selling price if a 10% discount was applied after the markup?
  3. How can you determine the markup percentage if you only know the wholesale and selling prices?
  4. If Gabriela's Furniture Store applies a 7% tax, what is the final price including tax?
  5. How would a 20% markdown on the selling price affect the final price?

Tip: When dealing with percentages, always convert them into decimals before performing any calculations.

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Math Problem Analysis

Mathematical Concepts

Percentage Calculation
Markup and Selling Price

Formulas

Selling Price = Wholesale Price + (Markup Percentage × Wholesale Price)

Theorems

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Suitable Grade Level

Grades 6-8