Cost = $70; Selling price = $182. a. Find the markup. b. Find the rate of markup based on cost.

Question

Cost = $70; Selling price = $182.

a. Find the markup.

b. Find the rate of markup based on cost.

 

The Markup is $112

The percent of markup based on cost is?

 

Answer 1

Cost = $70; Selling price = $182.
a. Find the markup.
b. Find the rate of markup based on cost.

 

Solution:

 

a) Markup price = Selling price - Actual price

   

    Markup price = $182 - $70

   

    Markup price = $112

 

 

b) Find the rate of markup based on cost = what percentage of $182 is $70

    so x% of $182 = $70

 

    x / 100 * 182 = 70

 

    182x / 100 = 70

 

    Cross multiplying

 

    182x = 7000

   

    x = 7000 / 182

   

    x =  38.46% which is approximately 38.5

 

so x = 38.5%

 

Thus the percent of markup based on cost is = 38.5%