Bari Jay a gown manufacturer received an order for 600 prom dresses from China. Her cost is $35 a gown. If her markup based on selling price is 79%, what is the selling price of each gown? Round to the nearest cent.
To find the selling price of each gown, we need to calculate the total cost and then add the markup.
Step 1: Calculate the total cost:
Total Cost = Cost per gown * Number of gowns
Total Cost = $35 * 600
Total Cost = $21,000
Step 2: Calculate the markup amount:
Markup % = 79%
Markup Amount = Markup % * Total Cost
Markup Amount = 0.79 * $21,000
Markup Amount = $16,590
Step 3: Calculate the selling price:
Selling Price = Total Cost + Markup Amount
Selling Price = $21,000 + $16,590
Selling Price = $37,590
Therefore, the selling price of each gown is approximately $37,590.
To find the selling price of each gown, we need to calculate the markup and add it to the cost of each gown.
First, calculate the markup amount:
Markup = Selling price × Markup rate
The markup rate is 79%, which can be written as 0.79 in decimal form.
Next, we need to find the selling price by adding the markup amount to the cost:
Selling price = Cost + Markup
Given that the cost is $35 per gown, we can substitute these values into the formulas.
Markup amount = $35 × 0.79
Selling price = $35 + Markup amount
Let's calculate the answer step by step:
Markup amount = $35 × 0.79
= $27.65 (rounded to the nearest cent)
Selling price = $35 + $27.65
= $62.65 (rounded to the nearest cent)
Therefore, the selling price of each gown is approximately $62.65.
35 = .21p
p = 166.67
check: the markup is 131.67
131.67/166.67 = 0.79