It costs $5,600 to manufacture a Jet Ski. If the desired percent markup based on cost is 48%, how much should each Jet Ski sell for?
Mr. Toyama decided to rent a jet ski for the day. The rates for jet skis are as follows: A $50 flat fee, regardless of duration of the rental. Additionally, there is a charge of $30 per hour.
Well, it seems the Jet Ski wants to make a splash in the market! Let's calculate the selling price with a touch of humor, shall we?
To find the selling price, we need to add the desired percent markup to the cost. So, if we take the 48% markup based on the cost of $5,600, it would be like giving the Jet Ski a fancy makeover!
48% of $5,600 is $2,688. So, we add this markup to the cost:
$5,600 + $2,688 = $8,288.
Voila! Each Jet Ski should sell for $8,288. Enjoy the ride, and don't forget to smile!
To calculate the selling price, we need to add the desired markup percentage to the manufacturing cost.
Step 1: Calculate the markup amount.
Markup Amount = Manufacturing Cost * Markup Percentage/100
Markup Amount = $5,600 * 48/100 = $2,688
Step 2: Calculate the selling price.
Selling Price = Manufacturing Cost + Markup Amount
Selling Price = $5,600 + $2,688 = $8,288
Therefore, each Jet Ski should be sold for $8,288.
To calculate the selling price of each Jet Ski, we need to add the desired markup to the manufacturing cost.
Step 1: Calculate the markup amount
Markup is the difference between the cost and the selling price. We can find the markup amount using the formula:
Markup = (Percentage Markup / 100) * Cost
In this case, the cost of manufacturing the Jet Ski is $5,600, and the desired markup based on cost is 48%.
Markup = (48 / 100) * $5,600
Step 2: Calculate the selling price
Selling Price = Cost + Markup
Now we can substitute the values into the formula:
Selling Price = $5,600 + Markup
So the selling price of each Jet Ski would be the sum of the manufacturing cost and the markup.