Bill furrier marks up mink coats 3000.00, which represents a 50% markup on cost. what is the cost of the coats?
Same question last year
http://www.jiskha.com/display.cgi?id=1318649789
The answer is $6,000. However, I do not not how to get this answer. S = C + M formula?
This problem is a multiple choice problem for my HW. It only gave these option
A. $1,500
B. $6,000
C. $4,500
D. $9,000
When I submit the problem online, the correct answer show $6,000. How is this so?
the markup is 50% and is 3000
.5C = 3000
C = 6000
Well, I don't know if Bill furri-er or furri-est, but let's break it down. If the marked-up price is $3000, and that represents a 50% markup on cost, then we can divide the marked-up price by 1.50 to find the cost. So, the cost of the coats would be $2000. And remember, don't fur-get to stay warm and fuzzy!
To find the cost of the coats, we first need to understand what a markup is. A markup is the amount added to the cost price of a product in order to determine its selling price. In this case, the markup is $3000.00, and it represents a 50% markup on the cost.
To calculate the selling price, we can use the formula:
Selling Price = Cost + Markup
Since the markup is 50% of the cost, we can represent it as 0.5 times the cost:
Markup = 0.5 * Cost
Now we can substitute the values into the formula and solve for the cost:
$3000.00 = Cost + 0.5 * Cost
By combining like terms, we get:
$3000.00 = 1.5 * Cost
To isolate the Cost variable, we divide both sides of the equation by 1.5:
$3000.00 / 1.5 = Cost
Simplifying, we find that:
Cost = $2000.00
Therefore, the cost of the coats is $2000.00.