dollar makup $4.70 percent markup on cost 102.17% What is the cost and selling price?
To find the cost and selling price, we can use the following formulas:
Selling Price = Cost + Markup
Markup = Cost × Percentage Markup on Cost
Let's use these formulas to calculate the cost and selling price:
Given:
Dollar Markup = $4.70
Percentage Markup on Cost = 102.17%
First, let's calculate the markup amount:
Markup Amount = Cost × Percentage Markup on Cost
We know that the markup amount is $4.70, so:
$4.70 = Cost × 102.17%
To calculate the markup amount from a percentage, we need to divide the percentage by 100:
$4.70 = Cost × 1.0217
Now, solve for the cost:
Cost = $4.70 ÷ 1.0217
Cost ≈ $4.60 (rounded to two decimal places)
Now, let's calculate the selling price using the formula:
Selling Price = Cost + Markup
Selling Price = $4.60 + $4.70
Selling Price ≈ $9.30 (rounded to two decimal places)
Therefore, the cost is approximately $4.60 and the selling price is approximately $9.30.