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Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447

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BuyFindarrow_forward

Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447
Textbook Problem

Amount of Percent Markup
Item Cost Markup Selling Price Based on Cost
9. 1 lb potatoes $.58 ___________ __________ 130%

To determine

To calculate: The amount of markup and selling price of 1 Ib potatoes if the cost is $0.58 and percent markup is 130%.

Explanation

Given Information:

The cost of 1 Ib potatoes is $0.58 and percent markup based on cost is 130%.

Formula used:

The markup amount can be calculated using the following equation,

Markup=Percent Markup based on cost×Cost which is M=%MCost×C

The Selling Price can be calculated using the following equation,

Selling Price=Cost+Markup which is SP=C+M

Calculation:

Consider the provided data,

The cost of 1 Ib potatoes is $0.58 and percent markup based on cost is 130%.

So, C=$0.58 and %MCost=130%

The amount of Markup is,

M=%MCost×C

Substitute C=$0.58 and %MCost=130% in M=%MCost×C

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