A. Wyatt’s Western Wear purchases shirts for $47.50 each. A $34.00 markup is added to the shirts. What is the selling price?
B.What is the percent markup based on cost for the shirts in the previous question? (Round percent to the nearest tenth.)
Selling price
= cost + markup
= 47.5 + 34 = $81.50
Mark-up base on cost
= mark-up/cost
= 34 / 47.5
= 71.6%
A. To find the selling price, we need to add the cost of the shirt and the markup.
Selling price = Cost + Markup
Given:
Cost of the shirt = $47.50
Markup = $34.00
Selling price = $47.50 + $34.00
Selling price = $81.50
Therefore, the selling price of the shirts is $81.50.
B. To find the percent markup based on the cost, we need to divide the markup by the cost and multiply by 100.
Percent Markup based on cost = (Markup / Cost) * 100
Given:
Cost of the shirt = $47.50
Markup = $34.00
Percent Markup based on cost = ($34.00 / $47.50) * 100
Percent Markup based on cost ≈ 71.6 (rounded to the nearest tenth)
Therefore, the percent markup based on cost for the shirts is approximately 71.6%.
To find the selling price, we need to add the cost of the shirt to the markup.
A. Selling Price = Cost + Markup
Selling Price = $47.50 + $34.00
Selling Price = $81.50
Therefore, the selling price for the shirts is $81.50.
To find the percent markup based on the cost, we can use the formula:
Percent Markup = (Markup / Cost) * 100
B. Percent Markup = ($34.00 / $47.50) * 100
Percent Markup = 0.7158 * 100
Percent Markup ≈ 71.6%
Therefore, the percent markup based on the cost for the shirts is approximately 71.6%.