12. BOWLING EQUIPMENT The Bowlers Pro-Shop determnines that operating expenses are23% of selling price and desires a net profit of 12% of selling price. If the cost of a teamshirt is $29.25, what are (a) the selling price and (b) the percent of markup on cost?

Name: 12. BOWLING EQUIPMENT The Bowlers Pro-Shop determnines that operating
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Description: 12. BOWLING EQUIPMENT The Bowlers Pro-Shop determnines that operating expenses are23% of selling price and desires a net profit of 12% of selling price. If the cost of a teamshirt is $29.25, what are (a) the selling price and (b) the percent of mark

Answered: 12. BOWLING EQUIPMENT The Bowlers…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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12. BOWLING EQUIPMENT The Bowlers Pro-Shop determnines that operating expenses are
23% of selling price and desires a net profit of 12% of selling price. If the cost of a team
shirt is $29.25, what are (a) the selling price and (b) the percent of markup on cost?

Expert Solution

Step 1

(a) The selling price is equal to sum of cost and markup.

To find the value of markup percentage, use the formula as follows:

$\begin{array}{rcl} M a r k u p & = & P r o f i t (P) + O v e r h e a d (O) \\ = & 12 + 23 \\ = & 35 % \end{array}$

The markup cost is equal to cost times markup percentage,

$\begin{array}{rcl} M a r k u p \cos t & = & C o s t \times M a r k u p P e r c e n t a g e \\ = & 29.25 \times 35 % \\ = & $ 10.24 \end{array}$

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