Math Question Help

Question

The retail price of a pair of skis consists of the wholesale cost to the retailer plus the retailer's markup.

If skis retailing for $712 are marked up by 60% of the wholesale cost, what is that wholesale cost?

Answer 1

Since the retail price is already marked up by 60% of the wholesale cost, we know that the retail price is actually 1.6 times larger than the wholesale price. The following equation could be used to determine that wholesale cost:

Assume that the variable w represents the wholesale cost.

1.6 * w = 712

To determine w, divide 712 by 1.6:

712/1.6 = $445

Therefore, the wholesale cost was $445.

To verify: 60% of $445 is 0.60 * 445 = $267 This is the AMOUNT of the markup.

Then $445 + 267 = $712

Answer 2

Price = wholesale price + markup

price= $712+ 60%

712• .60=427.2

712+ 427.2

$1139.20

Answer 3

$1,139.20.

Here's how we get there starting simply and showing more in depth as we dive deeper.

We're looking for a total or sum, of the price of the skis ($712) and the "Markup" (60%) or the money the store makes for helping sell people's items.

To do so the equation is (712) x (.60) = 427.2 which gives us the markup amount $427.20.

Then you then add the base $712 + $427.20 to get our solution or answer of $1,139.20.

The important part of this is knowing how to do this equation for many scenarios. So I'll walk you through that now.

First we need to know what equation or tool we will use to get the answer they want. It is usually found at the very end, and here it's in the line "...what is that wholesale cost?" Wholesale cost means they want the total price the "seller" is going to sell the item to customer. This is the "whole" "sale", or the total price for the one buying the item.

To get this we need 2 numbers, the items cost and the "Markup" or price increase. This is a percentage here, to find a percentage is easy with practice. Here they give us the "markup" as 60%. To make 60% (percentage) easy to use we turn it into a decimal or fraction.

To do that for a percentage all you do is make the number you have out of 100.

60/100 as a fraction. In other words. (%/100)

Another way to wrote this is to put the % number down just as it is, 60 and then add a (.) Before the .60 like its 60 cents of a dollar.

Think of a number with % next to it as the number of pennies out of $1.

(x = .0x / xx = .xx / xxx = x.xx or 100/100 : x equaling the %)

So we take $712 x .60 (the %) = 427.20 and this gives us the markup or increase in price.

So now we do $712 + $427.20 to get the total or wholesale price and therefore your solution and answer = $1,139.20.

This is how a business and a creator of a product work together to take care of their families.