1. A retailer purchases an item for $56.35 from a wholesaler. The retailer's markup is 25%. After two months, the retailer puts the item on sale at 12% off. What was the normal retail price and what is the sale price?
Markup = $56.35 * 0.25 = $14.09
Retail Price = $56.35 + $14.09 = $70.44
Discount = $70.44 * 0.12 = $8.45
Sale Price = $70.44 - $8.45 = $61.99
2. A retailer purchases an item from a wholesaler for $115. The retailer's markup is 30% and the state sales tax is 6%. What is the retail price of this item and the final cost for this item to the consumer?
Markup = $115.00 * 0.30 = $34.50
Retail Price = $115.00 + $34.50 = $149.50
Sales Tax = $149.50 * 0.06 = $8.97
Final Cost = $149.50 + $8.97 = $158.47