Question

A bike store marks up the wholesale cost of all bikes they sell by 30%. calvin wants to buy a bike that has a price log of 123.50. what was the wholesale cost of the bike?

Answer 1

The wholesale cost of the bike is 95.

Wholesale price is the price charged for a product as sold in bulk to large trade or distributor groups as opposed to what is charged to consumers.

The selling price is how much a buyer pays for a product or service.

The profit formula is used to calculate the amount of gain that has been made in a transaction

Profit = Selling Price (S.P.) - Cost Price (C.P.)(here it is the wholesale price)

Given =  

1. Selling Price = 123.50
2. Wholesale price = ?
3. Profit = 30% of wholesale price

Substituting it in the profit formula we get

0.3 x wholesale price = 123.50 + wholesale price

1.3 x wholesale price = 123.50

Wholesale price = $\frac{123.50}{1.3}$ = 95

Thus the wholesale cost of the bike is 95.

Learn more about profit here :

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