Chapter 8, Problem 1CR

The retailing equation states that the selling price is equal to the ______ plus the ____.. (8-1)

To determine

To fill: The blank space provided in the statement, “The retailing equation states that the selling price is equal to the ______ plus the_______”.

Answer to Problem 1CR

Solution:

The complete statement is, “The retailing equation states that the selling price is equal to the cost plus the markup”.

Explanation of Solution

The formula to calculate the Selling Price is:

$\text{Selling Price}=\text{Cost}+\text{Markup}$

This is called the retailing equation.

Thus, the retailing equation states that the selling price is equal to the cost plus the markup.