How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask F. Naz Your Own Question

F. Naz
F. Naz, Bachelor's Degree
Category: Business and Finance Homework
Satisfied Customers: 4105
Experience:  Have completed B.COM and CA Finalist
20040807
Type Your Business and Finance Homework Question Here...
F. Naz is online now
A new question is answered every 9 seconds

Template case 8-3 1. The Artists Palette purchases its

Resolved Question:

Template case 8-3

1. The Artist’s Palette purchases its inventory from a number of suppliers and each supplier offers different purchasing discounts. The manager of The Artist’s Palette, Marty Parma, is currently comparing two offers for purchasing modeling clay and supplies. The first company offers a chain discount of 20/10/5, and the second company offers a chain discount of 18/12/7 as long as the total purchases are $300 or more. Assuming Parma purchases $300 worth of supplies, a) what is the net price from supplier 1? And b) From supplier 2? And c) From which supplier would you recommend Parma purchase her modeling clay and supplies?

2. What is the net decimal equivalent for supplier 1? For supplier 2?

3. What is the trade discount from supplier 1? From supplier 2?

4. The Artist’s Palette recognizes that students may purchase supplies at the beginning of the term to cover all of their art class needs. Because this could represent a fairly substantial outlay, the Artist’s Palette offers discounts to those students who pay sooner than required. Assume that if students buy more than $250 of art supplies in one visit, they may put it on a student account with terms of 2/10, n/30. If a student purchases $250 of supplies on September 16, what amount is due by September 26? How much would the student save by paying early?

5. Assume that if students buy more than $250 of art supplies in one visit, they may put the charge on a student account with terms of 2/10 EOM. If a student
makes the purchase on September 16, on what day does the 2% discount expire? If the purchase is made on September 26, on what day does the 2% discount expire? If you were an art student, which method would you prefer: 2/10, n/30, or 2/10 EOM?

CASE 9-1

1. What is the markup percentage for a box of ginger tea?

2. If the rice-filled heating pads sell for $7.00, $10.00, and $15.00 for small, medium, and large, respectively, what is the markup percentage on each one?

3. Karen wants to compare using the cost plus method to the percentage markup method. If she sells 2 small rice pads, 4 medium rice pads, 2 large rice pads, and 20 boxes of $3.50 tea in a month, how much profit does she accumulate? What markup percentage based on cost would she have to use to make the same amount of profit on this month’s sales?

4. What prices should Karen charge (using the markup percentage) to obtain the same amount of profit as she did with the cost plus method? Do not include shipping.
Submitted: 11 months ago.
Category: Business and Finance Homework
Expert:  F. Naz replied 11 months ago.
Have a nice day

Click here for solution
F. Naz, Bachelor's Degree
Satisfied Customers: 4105
Experience: Have completed B.COM and CA Finalist
F. Naz and other Business and Finance Homework Specialists are ready to help you

JustAnswer in the News:

 
 
 
Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.
 
 
 

What Customers are Saying:

 
 
 
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
< Last | Next >
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
  • This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!! Alex Los Angeles, CA
  • Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult. GP Hesperia, CA
  • I couldn't be more satisfied! This is the site I will always come to when I need a second opinion. Justin Kernersville, NC
  • Just let me say that this encounter has been entirely professional and most helpful. I liked that I could ask additional questions and get answered in a very short turn around. Esther Woodstock, NY
  • Thank you so much for taking your time and knowledge to support my concerns. Not only did you answer my questions, you even took it a step further with replying with more pertinent information I needed to know. Robin Elkton, Maryland
  • He answered my question promptly and gave me accurate, detailed information. If all of your experts are half as good, you have a great thing going here. Diane Dallas, TX
 
 
 

Meet The Experts:

 
 
 
  • linda_us

    Master's Degree

    Satisfied Customers:

    805
    A tutor for Business, Finance, Accounts and other related topics.
< Last | Next >
  • http://ww2.justanswer.com/uploads/LI/lindaus/2012-6-10_04811_IMG20120609164157.64x64.jpg linda_us's Avatar

    linda_us

    Master's Degree

    Satisfied Customers:

    805
    A tutor for Business, Finance, Accounts and other related topics.
  • http://ww2.justanswer.com/uploads/JawaadAhmed/2009-6-27_12137_SIs_SHadi.jpg F. Naz's Avatar

    F. Naz

    Bachelor's Degree

    Satisfied Customers:

    355
    Have completed B.COM and CA Finalist
  • http://ww2.justanswer.com/uploads/JK/jkcpa/2011-1-16_182614_jkcpa.64x64.jpg Bizhelp's Avatar

    Bizhelp

    Accountant

    Satisfied Customers:

    257
    BA degree and Certified Public Accountant
  • http://ww2.justanswer.com/uploads/ED/educatortech/2012-6-7_1256_williams4.64x64.jpg Mr. Gregory White's Avatar

    Mr. Gregory White

    Master's Degree

    Satisfied Customers:

    197
    M.A., M.S. Education / Educational Administration
  • http://ww2.justanswer.com/uploads/FL/FLAandNYLawyer/2012-1-27_14349_3Fotolia25855429M.64x64.jpg FiveStarLaw's Avatar

    FiveStarLaw

    Lawyer, Accountant & Researcher

    Satisfied Customers:

    161
    25 years of experience helping people like you.
  • http://ww2.justanswer.com/uploads/BF/bfc77usa/2011-5-11_42346_face.64x64.jpg Alex's Avatar

    Alex

    Bachelor's Degree

    Satisfied Customers:

    144
    BS in Business Administration with honors. Able to assist in many business related courses.
  • http://ww2.justanswer.com/uploads/BR/brittanyshock1/2012-6-16_174743_JAphoto.64x64.jpg Brittany's Avatar

    Brittany

    Professional

    Satisfied Customers:

    28
    AA/Accounting BS/Business