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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

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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