Objectives

After mastering the material in this chapter, you will be able to:

1. Calculate sales based on cost or sales
   
2. Calculate cost based on cost or sales
   
3. Calculate markup based on cost or sales
   
4. Calculate the markdown or new selling price
   
5. Convert a markup on cost to a markup on sales
   
6. Convert a markup on sales to a markup on cost
   
7. Determine wholesale catalog prices when a trade discount and a markup are to be considered
   
8. Understand and use the following terms:
   
   Markup
   Cost Price
   Selling Price
   List Price