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 Price − Cost The percent markup based on selling price is computed as: % M S P = M S P The percent markup based on cost is computed as: % M Cost = M C Calculation: The amount of Markup is, M = SP − Cost Substitute S P = $ 165.99 and C = $ 71.25 in the above equation, M = 165.99 − 71.25 = 94.74 Therefore, the amount of markup on dollhouse is $ 94.74 . The formula of percent markup based on selling price is, % M S P = M S P Substitute the values of SP = $ 165

Contemporary Mathematics for Business & Consumers

8th Edition

ISBN: 9781305886803

Author: Brechner

Publisher: Cengage

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Chapter 8.II, Problem 7RE

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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.

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Chapter 8.II, Problem 6RE

Chapter 8.II, Problem 8RE

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Chapter 8 Solutions

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 selling price and cost, for given, Cost = $ 71.25 and Selling Price = $ 165.99 .

Solution Summary: The author calculates the amount of Markup and percent markup based on selling price and cost using the following equation.

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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.

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Chapter 8 Solutions