Total Purchase Price pp. 234-236 6-2 SECTION. Click to edit Master text styles Second level Third...

Total Purchase Price pp. 234-2366-2SECTIONSECTION

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Copyright © Glencoe/McGraw-Hill MBA, Section 6-2, Slide 2 of 14

6-2

Section ObjectiveSection ObjectiveCalculate:

• total purchase price


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sales receipt (p. 234)

Proof of purchase of a good or service from a store.

total purchase price (p. 234)

The selling price of an item plus the sales tax.

Key Words to KnowKey Words to Know


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Total Purchase Price = Total Selling Price + Sales Tax

Formula Formula


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What does your state do with sales tax money it collects?

Sifting through the Gently Used p. 234Sifting through the Gently Used p. 234


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A store in Madison, Wisconsin, advertised a smoke alarm for $24.95 and a fire extinguisher for $39.95.

What is the sales tax if the combined state and city rate is 6 percent?

What is the total purchase price?

Example 1Example 1


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Find the total selling price.

$24.95 + $39.95 = $64.90

Example 1 Answer: Example 1 Answer: Step 1Step 1


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Find the sales tax.

Total Selling Price × Sales Tax Rate

$64.90 × 0.06 = 3.894 = $3.89



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Find the total purchase price.

Total Selling Price + Sales Tax

$64.90 + $3.89 = $68.79



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Clayton Young buys 4 packages of alkaline batteries for $1.99 each, a bottle of sunscreen for $5.96, 2 boxes of adhesive bandages for $2.56 each, and a tube of toothpaste for $1.76. The combined state and city sales tax rate is 5.25 percent.


Practice 1Practice 1


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$21.89

Practice 1 AnswerPractice 1 Answer


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Ethan Campbell bought 3 pairs of dress pants for $34.99 each, 4 dress shirts for $29.99 each, and 2 ties for $19.99 each. The combined state, county, and city sales tax is 7 percent.


Practice 2Practice 2


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$283.45

Practice 2 AnswerPractice 2 Answer

Total Purchase Price6-2END OF SECTIONEND OF SECTION

Total Purchase Price pp. 234-236 6-2 SECTION. Click to edit Master text styles Second level Third...

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