Markup = $70; Rate of markup based on cost = 78%
a. Find the cost.
b. Find the selling price.
a. C = M/M%
C = 70/78%
C = $89.74
b. s = c + m
s = $89.74 + $70
s = 159.74
Thanks Kual
a. To find the cost, we can use the formula:
Cost = Markup / (Rate of markup/100)
Substituting the given values, we have:
Cost = $70 / (78/100)
Simplifying, we get:
Cost = $70 / 0.78
Calculating, the cost is:
Cost ≈ $89.74
b. To find the selling price, we can use the formula:
Selling Price = Cost + Markup
Substituting the known values, we have:
Selling Price = $89.74 + $70
Calculating, the selling price is:
Selling Price ≈ $159.74
To find the cost and selling price, you can use the formula:
Selling Price = Cost + Markup
a. To find the cost:
We can use the formula for markup based on cost:
Markup = (Rate of markup based on cost / 100) * Cost
Given that the markup is $70 and the rate of markup based on cost is 78%, we can substitute these values into the formula and solve for the cost:
70 = (78 / 100) * Cost
To solve the equation for Cost, we can rearrange it:
Cost = 70 / (78 / 100)
Using a calculator, the Cost is approximately $89.74.
b. To find the selling price:
We can substitute the cost into the formula:
Selling Price = Cost + Markup
Selling Price = $89.74 + $70
By calculating this, the Selling Price is approximately $159.74.