Question

Need help filling in the blanks: selling price using markup.

Answer 1

Answer:

Refer to the explanation.

Step-by-step explanation:

Let's take each one at a time.

1.

To solve for the complement, we simply subtract our markup rate by 100%.

100% - 30% = 70%

Now to solve for the selling price, we use the formula

$SellingPrice=\dfrac{Cost}{ComplementOfMarkupRate}$

$SellingPrice=\dfrac{86.74}{0.70}$

Selling Price = $123.91

2.

We do the same process with the first number.

100% - 40% = 60%

$SellingPrice=\dfrac{Cost}{ComplementOfMarkupRate}$

$SellingPrice=\dfrac{220.00}{0.60}$

SellingPrice = $366.67

3.

The same as the first two.

100% - 20% = 80%

$SellingPrice=\dfrac{Cost}{ComplementOfMarkupRate}$

$SellingPrice=\dfrac{89.50}{0.80}$

SellingPrice = $111.88

4.

Now to solve for the markup rate, we use the formula:

$MarkupRate=\dfrac{Markup}{SelingPrice}$

In this case we first need to find the markup. The markup is the difference between the selling price and the cost.

Selling Price = $235.28

Cost = $199.99

Markup = $235.28 - $199.99

Markup = $35.29

Now the we know our markup, we can then solve for the markup rate using the formula.

$MarkupRate=\dfrac{Markup}{SelingPrice}$

$MarkupRate=\dfrac{35.29}{235.28}$

MarkupRate = 0.1499 x 100 = 14.99% or 15%

5.

Now for the last one, we need to find for the cost. Let's use the selling price formula to find for the cost.

$SellingPrice=\dfrac{Cost}{ComplementOfMarkupRate}$

Selling Price = $30.77

Complement = 65% or 0.65

This will then give us.

$30.77=\dfrac{Cost}{0.65}$

We multiple both sides of the equation by 0.65 to leave our cost alone.

30.77 x 0.65 = Cost

Cost = $20