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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
8. Bar of soap $1.18 $.79

To determine

To calculate: The Selling Price and percent Markup based on selling price and cost, for given,  Cost =$1.18 and the amount of  Markup=$0.79.

Explanation

Given Information:

The Cost is $1.18 and the amount of Markup is $0.79.

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:

Consider, Cost $1.18, and Markup is $0.79, the Selling Price is,

SP=C+M

Substitute  M=$0.79 and  C =$1.18 in the above equation,

SP=1.18+0.79 =1.97

Therefore, the Selling Price of bar of soap, is $1.9.

The formula of percent markup based on selling price is,

%MSP=MSP

Substitute the values of  SP =$1

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