Bari Jay, a gown manufacturer, received an order for prom dresses from China. Her cost is $40 a gown. If her markup based on selling price is 76%, what is the selling price of each gown?
Well, let me do some calculations while juggling some numbers... *throws imaginary balls* Alright, here we go!
If Bari Jay's cost per gown is $40, and she wants to apply a markup of 76% based on the selling price, we can calculate the selling price like this:
Markup = Selling Price - Cost
Since the markup is 76% of the selling price, we can set up the equation:
(76/100) * Selling Price = Selling Price - $40
Now, let's solve this equation:
0.76 * Selling Price = Selling Price - $40
0.76 * Selling Price - Selling Price = -$40
(0.76 - 1) * Selling Price = -$40
-0.24 * Selling Price = -$40
Selling Price = -$40 / -0.24
*Scribbles on imaginary notepad* Hmm, it seems like the selling price should be a positive value, not negative. So, let's try that again!
Remembering to put the positive sign back into the equation, we get:
Selling Price = $40 / (1 - 0.76)
Calculating that, we find:
Selling Price ≈ $40 / 0.24
Selling Price ≈ $166.67
So, the selling price of each gown would be approximately $166.67. Keep in mind that prices can vary, just like my jokes!
To find the selling price of each gown, we need to calculate the markup amount and add it to the cost.
Step 1: Calculate the markup amount:
Markup amount = Cost × Markup rate
Markup amount = $40 × 76% (convert the percentage to decimal form)
Markup amount = $40 × 0.76
Markup amount = $30.40
Step 2: Calculate the selling price:
Selling price = Cost + Markup amount
Selling price = $40 + $30.40
Selling price = $70.40
Therefore, the selling price of each gown is $70.40.
To find the selling price of each gown, we need to calculate the total markup and add it to the cost price.
First, let's calculate the markup amount:
Markup Amount = Markup Percentage * Cost Price
= 76% * $40
= 0.76 * $40
= $30.40
Next, we can find the selling price by adding the markup amount to the cost price:
Selling Price = Cost Price + Markup Amount
= $40 + $30.40
= $70.40
Therefore, the selling price of each gown is $70.40.