You are the buyer for The Shoe Outlet. You are looking for a line of men’s shoes to retail for $79.95. If your objective is a 55% markup based on selling price, what is the most that you can pay for the shoes and still get the desired markup?
your cost would be X
Equation:
x + 0.55x = 79.95
0.55x = 79.95
x = 79.95/1.55 = $51.58
Does this help? :)
It is $35.98
To determine the most you can pay for the shoes and still achieve the desired markup, follow these steps:
Step 1: Calculate the selling price:
Selling Price = Cost Price + Markup
Given that the selling price is $79.95 and the markup is 55% of the selling price:
$79.95 = Cost Price + 0.55 * $79.95
Step 2: Solve for the cost price:
Cost Price = $79.95 - (0.55 * $79.95)
Step 3: Calculate the maximum amount you can pay for the shoes:
If you want to achieve the desired markup, the cost price should be the maximum amount you can pay.
So the maximum amount you can pay for the shoes is the cost price calculated in Step 2.
Now let's solve the equation in Step 2 to find the cost price:
Cost Price = $79.95 - (0.55 * $79.95)
= $79.95 - $43.97
= $35.98
Therefore, the most you can pay for the shoes and still achieve the desired markup is $35.98.