Explanation Given Information: The cost of a television set is $ 161.50 and selling price is $ 299.95 . Formula used: The formula for finding the mark-up cost states that subtract the values of selling price and the cost. M = S P – C The formula for find the percentage of markup cost is to divide the markup cost of an item by the Cost is; % M cos t = M C Calculation: The cost of a television set is $ 161.50 and selling price is $ 299.95 . So, the value of SP and C is $ 299.95 and $ 161.50 respectively. Now, put the value of SP and C in M = S P – C ; M = S P – C = 299

Contemporary Mathematics for Business & Consumers

8th Edition

ISBN: 9781305886803

Author: Brechner

Publisher: Cengage

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Chapter 8.I, Problem 1RE

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To calculate: The amount of markup and percent markup based on cost, if the cost of a television set is $161.50 and selling price is $299.95.

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Contemporary Mathematics for Business & Consumers

Ch. 8.I - For the following, use the basic retailing...Ch. 8.I - For the following, use the basic retailing...Ch. 8.I - Prob. 3TIE Ch. 8.I - Prob. 4TIE Ch. 8.I - Prob. 5TIE Ch. 8.I - Prob. 6TIE Ch. 8.I - Prob. 1RE Ch. 8.I - For the following items, calculate the missing...Ch. 8.I - Prob. 3RE Ch. 8.I - For the following items, calculate the missing...

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The amount of markup and percent markup based on cost, if the cost of a television set is $ 161.50 and selling price is $ 299.95 .

Solution Summary: The author explains the formula for finding the percentage of markup cost, which is based on subtracting the values of selling price and cost.

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To calculate: The amount of markup and percent markup based on cost, if the cost of a television set is $161.50 and selling price is $299.95.

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