Bloomingdale’s purchases imported perfume for $24.30 per ounce. If the store policy is to mark up all merchandise in that department 39% based on selling price, what is the retail selling price of the perfume?
39% of selling price is mark-up, so 61% is the cost.
Therefore
retail selling price
=24.30÷0.61
=$39.84
Check: $39.84*0.39=15.54
39.84-15.54=24.3=cost ok.