Real-Life Math
When you think of using math in a grocery store, there's no
doubt that money immediately comes to mind.
"Computers take care of
a lot, but not everything," says grocer E.J. Geyer. "In the office, you have
to balance the tills and safe every night."
There is a standard formula
for calculating profit:
Mark-up = retail - cost
Retail
= mark-up + cost
Cost = retail - mark-up
cost = what the grocer
pays for an item
mark-up = the amount added to the cost of the item so
the grocer can make a profit
retail = price the customer pays
You
are the proud owner of Lulu's, a neighborhood grocery store. Here are
a few of the items that you carry in your store, along with the cost and retail
prices.
Item | Cost | Retail |
Chocolate chip cookies | 0.75 | 2.25 |
Frozen pizza | 2.00 | 4.50 |
Prepackaged salad | 1.10 | 2 |
Orange juice | 1.50 | 2.99 |
Cinnamon rolls | 0.75 | 1.69 |
Last week, you sold 15 packages of chocolate chip cookies, 26
frozen pizzas, 18 salads, 14 cartons of orange juice and 19 packages of cinnamon
rolls. How much profit did you make on these items?
Remember:
retail - cost = mark-up