1. “We buy these products for $50.00 and then sell them for $67.00.” Supervisor: “That means that our price markup is __________.”
2. Insert a Total Row in the Brass table, and then use the Total row to calculate the total of the values in the Price and Est. Value fields.
The correct answer and explanation is:
1. Price Markup Calculation:
To calculate the price markup, we use the formula: Markup(%)=(Selling Price−Cost PriceCost Price)×100\text{Markup} (\%) = \left( \frac{\text{Selling Price} – \text{Cost Price}}{\text{Cost Price}} \right) \times 100
Substituting the given values: Markup(%)=(67−5050)×100\text{Markup} (\%) = \left( \frac{67 – 50}{50} \right) \times 100 =(1750)×100= \left( \frac{17}{50} \right) \times 100 =34%= 34\%
So, the correct answer is 34%.
2. Inserting a Total Row in the Brass Table:
In Microsoft Excel, a Total Row can be added to a table to quickly calculate the sum, average, or other aggregate functions for numeric columns. Here’s how you can insert a Total Row and calculate the total of the values in the Price and Est. Value fields:
Steps:
- Select the Table: Click anywhere inside the Brass table.
- Enable the Total Row:
- Go to the Table Design tab.
- Check the box labeled Total Row in the Table Style Options group.
- Calculate Total for Price & Est. Value:
- Click on the cell under the Price column in the Total Row.
- Select SUM from the drop-down list.
- Repeat this for the Est. Value column.
This process will automatically sum all the values in the Price and Est. Value columns, displaying the total at the bottom.
Importance of Using the Total Row:
- Efficiency: Automates calculations, reducing manual effort.
- Accuracy: Eliminates the risk of errors from manual summation.
- Flexibility: Can be used for other calculations like average, count, min, max.
Using this feature in Excel ensures a smooth workflow, making it easier to analyze and manage financial data.
Now, I’ll generate an image representing the Total Row in an Excel table.
I’ve provided an image showing an Excel table with a ‘Total Row’ summing up the ‘Price’ and ‘Est. Value’ columns. Let me know if you need any modifications!
