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Cheryl M.
Law and Business Graduate
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Basic Math
TutorMe
Question:

What is the retail price of a sweater that the company purchased for $50 and marked up 125%?

Cheryl M.
Answer:

Retail Price: $50*1.25=62.50 $50+$62.50 (Markup $)=Retail Price=$112.50

Law
TutorMe
Question:

Property Law: What must you establish to adversely possess a land? Adverse Possession is when a trespasser obtains rights to a land by establishing certain legal requirements to claim a land adversely from the landowner. (Hint: H-CANOE).

Cheryl M.
Answer:

The legal requirements for Adverse Possession are as follows: 1) Hostile: Possession of the land is not based on the consent of the landowner 2) Continuous: Must possess the land for a certain period of continuous time 3) Actual: Must be present and actually possess the land 4) Notorious and Open: If the landowner were to investigate, it would be apparent from the investigation that an individual is on the land and trespassing. 5) Exclusive: The trespasser is exclusively using the land (includes landowner)

Business
TutorMe
Question:

A company purchases 100 sweaters at a cost of $20 per sweater. The company plans to sell the sweaters for $50. At the end of the first week, the company sold 25 units. Please answer the below questions: 1) What is the markup %? 2) What is the sell thru %? 3) What is the weeks of supply? 4) What is the Gross Profit?

Cheryl M.
Answer:

1) Markup % (The % the item was marked up from cost to drive profit for company)= Retail Price-Cost/Cost: $50 (Retail Price)-$20 (Cost of Sweater)/$20 (Cost of Sweater)=150% 2) Sell Thru % (The % of units the company has sold thru at a certain time period)=Units Sold/Beginning Inventory: 25 (Units Solds)/100 (Beginning Inventory)=25% 3) Weeks of Supply (Based off of a specified time period and selling during that time period, the remaining weeks of supply the company owns)=End of Period Inventory/Sales: 75 units (End of week inventory)/25 units (Units Solds)=3 weeks of supply 4) Gross Profit= (# Units Sold * Retail Price)- (# of Units Sold * Cost): (25* $50)-(25*$20)=$1,250-500=$750

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