Calculation should include
- a breakdown of materials and wholesale costs
- method of markup (ratio markup, wholesale pricing method, retail cost of goods method, nesting price method)
- showing of mathematical work
- retail price.
Process/Skill Questions:
- How do you compute a price using the wholesale cost of goods method?
- How do you compute the price of an arrangement using the ratio markup method of pricing?
- Why is it important to show your work?
- What is retail price?
- What pricing method will be best in a given situation?
- What is the retail price for an arrangement created in class using a 4.0 markup on fresh flowers, a 3.0 markup on hard goods, and a 30% labor charge?