A craft store makes baskets for $12.50 and sells them for $16.75. what is the percentage markup on each basket based on cost?
profit = 16.75-12.50 = ...
Percentage markup based on cost
= profit/12.5* 100 %
= ...
Total Cost: $12.50 > old price
Selling Price: $16.75 > new price
(selling price - total cost)/ total cost
16.75 - 12.75 = 4.25
4.25/12.50 = 0.34 > move decimal two places the right, or multiply 0.34 x 100
Answer: 34%
To find the percentage markup on each basket based on cost, you need to calculate the difference between the selling price and the cost price, and then express that difference as a percentage of the cost price.
First, subtract the cost price from the selling price:
Selling Price - Cost Price = $16.75 - $12.50 = $4.25
Next, calculate the markup percentage by dividing the difference by the cost price and multiplying by 100:
Markup Percentage = ($4.25 / $12.50) * 100 ≈ 34%
Therefore, the percentage markup on each basket based on cost is approximately 34%.