furrier marks up mink coats $3000. this represents a 50% mark up. what is the cost of the coats?
To find the cost of the coats, we can start by calculating the original price before the markup.
Let's denote the cost of the coats as C.
According to the information given, the markup amount is $3000, which represents a 50% markup.
We know that the markup amount is equal to 50% of the original price, so we can set up an equation:
Markup amount = 50% of C
$3000 = 0.50C
To solve for C, we can divide both sides of the equation by 0.50:
$3000 / 0.50 = C
C = $6000
Therefore, the cost of the coats (before the markup) is $6000.
To find the cost of the coats, we can use the concept of markups and markups percentages.
Let's start by identifying the given information:
- The markup amount is $3000.
- The markup percentage is 50%.
To calculate the cost of the coats, we need to determine the original price before the markup. Here's how:
Step 1: Determine the markup percentage as a decimal.
To convert the percentage to a decimal, divide it by 100. In this case, the markup percentage is 50%, which is equivalent to 0.50.
Step 2: Set up the equation.
Let's denote the cost of the coats as "x." The equation for calculating the markup amount is:
Markup Amount = Markup Percentage * Cost of the Coats
$3000 = 0.50 * x
Step 3: Solve for x.
To find the cost of the coats, we can solve the equation for x by dividing both sides by 0.50:
x = $3000 / 0.50
x = $6000
Therefore, the cost of the coats is $6000.
0.5x = 3,000
x = $6,000 original cost
6,000 + 3,000 = $9,000 amount the furrier charges