bill furrier marks up mink coats 3000.00, which represents a 50% markup on cost. what is the cost of the coats?
so
(1.5)cost = 3000
cost = 3000/1.5 = 2000
To find the cost of the mink coats, we can use the information provided:
1. The markup amount is $3,000.
2. The markup percentage is 50%.
To calculate the cost of the coats, we need to determine the original price before the markup. We can set up an equation using the information given:
Let's assume the cost of the coats is "C."
Markup amount = 50% of the cost = 0.50 * C = $3000
Now, we can solve the equation to find the cost of the coats:
0.50 * C = $3000
Divide both sides of the equation by 0.50:
C = $3000 / 0.50
C = $6000
Therefore, the cost of the mink coats is $6,000.