The quick plumbing supply sells a set of faucets for $79.95. if a 45% markup based on cost was used, what was the cost of the faucets to quick plumbing?
1.45 c = 79.95
c = 79.95/1.45
55.13
Round up.
$55.14
To find the cost of the faucets to Quick Plumbing, we need to work backwards from the selling price using the given markup percentage. Here's how you can calculate it step-by-step:
1. Start with the selling price: $79.95.
2. Add the markup percentage to 100% to get the total markup: 100% + 45% = 145%.
3. Convert the total markup percentage to a decimal: 145% = 1.45.
4. Divide the selling price by the total markup to get the cost: $79.95 ÷ 1.45 ≈ $55.14.
Therefore, the cost of the faucets to Quick Plumbing was approximately $55.14.