A wholesaler buys plastic lamps for $18 each and sells them for $30.60. What is the percent markup based on cost
(30.60-18)/18 = ?
70%
To find the percent markup based on cost, we need to calculate the price difference between the selling price and the cost price, and then express it as a percentage of the cost price.
The cost price of the plastic lamp is $18, and the selling price is $30.60. Therefore, the markup is $30.60 - $18 = $12.60.
To calculate the markup as a percentage of the cost price, you divide the markup by the cost price and multiply by 100:
Markup percentage = (Markup / Cost price) * 100
In this case, the markup is $12.60, and the cost price is $18. Thus:
Markup percentage = ($12.60 / $18) * 100 = 0.7 * 100 = 70
Therefore, the percent markup based on cost is 70%.