a man makes chairs for $87and sells for $127.89. what is the percent markup for each chair based on the cost?
what is the process?
also another one as priced $73 marked down and sold for $54.75? what was the % markdown?
Alright Haydee, I'll make some guesses.
His profit is $127.89 - $87 per chair. How much is that? Since the cost is $87, if you divide the profit by cost that should answer the first part.
I think (I'm not certain) this is called MU-%-C. Your text should provide some idea for this.
For the last one, the markdown should be $73 - 54.75. If you put this over $73 that should be the markdown %.
These terms are covered in some kind of business math course -which I didn't take. Hopefully someone else can verify these terms.
the way u explain is more understandable than my workbook.
Thanks for your confidence, but let's make sure the answers are right too.
To get the percent you need to multiply the decimals by 100.
Thus the first should be (127.89 - 87)/87 x 100 = 40.89/87 x 100 = 47%
You need to multiply the last one by 100 as well. It should be 18.25/73 x 100 = 25%
To calculate the percent markup for each chair based on the cost, you would use the formula:
Percent Markup = ((Selling Price - Cost) / Cost) * 100
Let's use the example you provided where the man makes chairs for $87 and sells them for $127.89:
Profit per chair = Selling Price - Cost = $127.89 - $87 = $40.89
Percent Markup = ($40.89 / $87) * 100 = 0.4699 * 100 = 46.99%
Therefore, the percent markup for each chair based on the cost is approximately 46.99%.
To calculate the percent markdown, you would use the formula:
Percent Markdown = ((List Price - Selling Price) / List Price) * 100
Let's use the second example you provided where the chair was priced at $73 and marked down to $54.75:
Markdown per chair = List Price - Selling Price = $73 - $54.75 = $18.25
Percent Markdown = ($18.25 / $73) * 100 = 0.25 * 100 = 25%
Therefore, the percent markdown for the chair is 25%.