Question

A department store buys 100 shirts at a cost of ​$2 comma 700 and sells them at a selling price of ​$30 each. Find the percent markup.

Answer 1

The percent markup is 11.11 %

Solution:

Given that, the store buys 100 shirts at a cost of $ 2700

Let us find the cost of 1 shirt

$\text{cost of 1 shirt } = \frac{2700}{100} = 27$

The store sells them at $ 30 each

Therefore,

Cost price of 1 shirt = $ 27

Selling price of 1 shirt = $ 30

Markup price = Selling price - Cost price

Markup price = 30 - 27

Markup price = 3

Thus markup price is $ 3

The percent markup is given as:

$\text{Percent markup } = \dfrac{\text{Mark up}}{\text{Cost price}}\times100\\\\\text{Percent markup } = \frac{3}{27} \times 100\\\\\text{Percent markup } = 11.11$

Thus the percent markup is 11.11 %