   Chapter 8.II, Problem 7RE ### Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447

#### Solutions

Chapter
Section ### Contemporary Mathematics for Busin...

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

# For the following items, calculate the missing information. Round dollars to the nearest cent and percents to the nearest tenth of a percent. Percent Percent Markup Markup Amount of Based on Based on Item Cost Markup Selling Price Cost Selling Price 7. Dollhouse $71.25$94.74 $165.99 133 % 57.1 % To determine To calculate: The amount of Markup and percent Markup based on selling price and cost, for given, Cost =$71.25 and Selling Price=$165.99. Explanation Given Information: The cost of the items is$71.25 and the selling price is $165.99. Formula used: The markup can be calculated using the following equation: Markup=Selling PriceCost The percent markup based on selling price is computed as: %MSP=MSP The percent markup based on cost is computed as: %MCost=MC Calculation: The amount of Markup is, M=SPCost Substitute SP =$165.99 and  C =$71.25 in the above equation, M=165.9971.25 =94.74 Therefore, the amount of markup on dollhouse is$94.74.

The formula of percent markup based on selling price is,

%MSP=MSP

Substitute the values of  SP =\$165

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