Which term is the price the business charges a customer for a product?
15 answers
The term for the price a business charges a customer for a product is "selling price" or "list price."
Your pharmacy just ran its inventory. The initial inventory value was $175,500. The ending inventory value was $55,000. What's your pharmacy's average annual inventory?
To calculate the average annual inventory, we need to determine the average inventory value over a specified period.
Average Annual Inventory = (Initial Inventory Value + Ending Inventory Value) / 2
Average Annual Inventory = ($175,500 + $55,000) / 2
Average Annual Inventory = $230,500 / 2
Average Annual Inventory = $115,250
Therefore, the pharmacy's average annual inventory is $115,250.
Average Annual Inventory = (Initial Inventory Value + Ending Inventory Value) / 2
Average Annual Inventory = ($175,500 + $55,000) / 2
Average Annual Inventory = $230,500 / 2
Average Annual Inventory = $115,250
Therefore, the pharmacy's average annual inventory is $115,250.
Which definition best describes cost?
Select one:
The "sticker" price of a drug
Amount a pharmacy pays for a drug
Price a business charges for a product
Money received from the sale of a product
Select one:
The "sticker" price of a drug
Amount a pharmacy pays for a drug
Price a business charges for a product
Money received from the sale of a product
The best definition that describes cost is "Amount a pharmacy pays for a drug."
Mr. Butterworth brings in the following prescription:
Farxiga 5 mg
1 po qd
#30
If Mr. Butterworth pays $242 for his prescription, and the pharmacy paid $125 for it, what is the markup percent for Farxiga?
Select one:
48%
58%
74%
94%
Farxiga 5 mg
1 po qd
#30
If Mr. Butterworth pays $242 for his prescription, and the pharmacy paid $125 for it, what is the markup percent for Farxiga?
Select one:
48%
58%
74%
94%
To calculate the markup percentage, we need to find the difference between the selling price (what Mr. Butterworth paid) and the cost price (what the pharmacy paid), and then calculate the percentage of this difference over the cost price.
Markup Percentage = ((Selling Price - Cost Price) / Cost Price) * 100
Given that Mr. Butterworth paid $242 and the pharmacy paid $125, we can calculate the markup percentage as follows:
Markup Percentage = (($242 - $125) / $125) * 100
Markup Percentage = ($117 / $125) * 100
Markup Percentage = 0.936 * 100
Markup Percentage = 93.6
Therefore, the markup percentage for Farxiga is 93.6%.
Markup Percentage = ((Selling Price - Cost Price) / Cost Price) * 100
Given that Mr. Butterworth paid $242 and the pharmacy paid $125, we can calculate the markup percentage as follows:
Markup Percentage = (($242 - $125) / $125) * 100
Markup Percentage = ($117 / $125) * 100
Markup Percentage = 0.936 * 100
Markup Percentage = 93.6
Therefore, the markup percentage for Farxiga is 93.6%.
Ms. Hassid brings in the following prescription:
Zolpidem 10 mg tabs
Take 1 HS
#30
If the pharmacy charges $153 for 30 tablets, how much will Ms. Hassid pay for 7 tablets?
Select one:
$5.10
$35.70
$73.20
$153.00
Zolpidem 10 mg tabs
Take 1 HS
#30
If the pharmacy charges $153 for 30 tablets, how much will Ms. Hassid pay for 7 tablets?
Select one:
$5.10
$35.70
$73.20
$153.00
To find out how much Ms. Hassid will pay for 7 tablets, we need to calculate the cost per tablet first and then multiply it by the number of tablets.
Cost per tablet = Total cost / Number of tablets in the prescription
For 30 tablets, the total cost is $153, so:
Cost per tablet = $153 / 30
Cost per tablet = $5.10
Now, to find out how much Ms. Hassid will pay for 7 tablets:
Price for 7 tablets = Cost per tablet * Number of tablets
Price for 7 tablets = $5.10 * 7
Price for 7 tablets = $35.70
Therefore, Ms. Hassid will pay $35.70 for 7 tablets.
Cost per tablet = Total cost / Number of tablets in the prescription
For 30 tablets, the total cost is $153, so:
Cost per tablet = $153 / 30
Cost per tablet = $5.10
Now, to find out how much Ms. Hassid will pay for 7 tablets:
Price for 7 tablets = Cost per tablet * Number of tablets
Price for 7 tablets = $5.10 * 7
Price for 7 tablets = $35.70
Therefore, Ms. Hassid will pay $35.70 for 7 tablets.
he pharmacy's cost for 2 bottles of Jublia 10% solution is $698. The selling price for 2 bottles is $849. What is the markup percent? Round up to the nearest percentage.
Select one:
12%
18%
22%
28%
Select one:
12%
18%
22%
28%
To calculate the markup percentage, we need to find the difference between the selling price and the cost price for 2 bottles, and then calculate the percentage of this difference over the cost price.
Markup Percentage = ((Selling Price - Cost Price) / Cost Price) * 100
Given that the cost for 2 bottles is $698 and the selling price for 2 bottles is $849, we can calculate the markup percentage as follows:
Markup Percentage = (($849 - $698) / $698) * 100
Markup Percentage = ($151 / $698) * 100
Markup Percentage = 0.216 * 100
Markup Percentage = 21.6
Rounded up to the nearest percentage, the markup percentage for the two bottles of Jublia 10% solution is 22%.
Therefore, the correct option is 22%.
Markup Percentage = ((Selling Price - Cost Price) / Cost Price) * 100
Given that the cost for 2 bottles is $698 and the selling price for 2 bottles is $849, we can calculate the markup percentage as follows:
Markup Percentage = (($849 - $698) / $698) * 100
Markup Percentage = ($151 / $698) * 100
Markup Percentage = 0.216 * 100
Markup Percentage = 21.6
Rounded up to the nearest percentage, the markup percentage for the two bottles of Jublia 10% solution is 22%.
Therefore, the correct option is 22%.
Your pharmacy's income is $1,654,225 and has the following overhead. What is your pharmacy's net profit?
Pharmacist Salary $235,000
Technician Salaries $ 75,000
Rent $ 14,000
Utilities $ 5,000
Maintenance $ 3,000
Liability Insurance $ 4,500
Business Insurance $ 4,500
Drug Purchases $625,000
Select one:
$688,225
$866,225
$1,236,225
$1,654,225
Pharmacist Salary $235,000
Technician Salaries $ 75,000
Rent $ 14,000
Utilities $ 5,000
Maintenance $ 3,000
Liability Insurance $ 4,500
Business Insurance $ 4,500
Drug Purchases $625,000
Select one:
$688,225
$866,225
$1,236,225
$1,654,225
To calculate the net profit, we need to subtract the total overhead costs from the pharmacy's income.
Total Overhead = Pharmacist Salary + Technician Salaries + Rent + Utilities + Maintenance + Liability Insurance + Business Insurance + Drug Purchases
Total Overhead = $235,000 + $75,000 + $14,000 + $5,000 + $3,000 + $4,500 + $4,500 + $625,000
Total Overhead = $965,000
Net Profit = Income - Total Overhead
Net Profit = $1,654,225 - $965,000
Net Profit = $689,225
Therefore, the pharmacy's net profit is $688,225.
Total Overhead = Pharmacist Salary + Technician Salaries + Rent + Utilities + Maintenance + Liability Insurance + Business Insurance + Drug Purchases
Total Overhead = $235,000 + $75,000 + $14,000 + $5,000 + $3,000 + $4,500 + $4,500 + $625,000
Total Overhead = $965,000
Net Profit = Income - Total Overhead
Net Profit = $1,654,225 - $965,000
Net Profit = $689,225
Therefore, the pharmacy's net profit is $688,225.
Your pharmacy's initial inventory was $325,900, and your ending inventory is $245,000. The pharmacy's cost of goods sold was $800,000. What is the ITOR? Round to the nearest tenths place.
Select one:
2.8
3.8
4.8
5.8
Select one:
2.8
3.8
4.8
5.8
The ITOR (Inventory Turnover Rate) can be calculated by dividing the cost of goods sold by the average inventory.
Average Inventory = (Initial Inventory + Ending Inventory) / 2
Average Inventory = ($325,900 + $245,000) / 2
Average Inventory = $570,900 / 2
Average Inventory = $285,450
ITOR = Cost of Goods Sold / Average Inventory
ITOR = $800,000 / $285,450
ITOR ≈ 2.80
Rounded to the nearest tenths place, the ITOR is 2.8.
Therefore, the correct option is 2.8.
Average Inventory = (Initial Inventory + Ending Inventory) / 2
Average Inventory = ($325,900 + $245,000) / 2
Average Inventory = $570,900 / 2
Average Inventory = $285,450
ITOR = Cost of Goods Sold / Average Inventory
ITOR = $800,000 / $285,450
ITOR ≈ 2.80
Rounded to the nearest tenths place, the ITOR is 2.8.
Therefore, the correct option is 2.8.