Question

Working off an 16% margin, with markups based on cost, the Food Co-op Club boasts that it has 4,100 members and a 155% increase in sales. The markup is 31% based on cost. What would be its percent markup if selling price were the base?

Answer 1

Answer:

Explanation:

31% mark up based on cost

$100 * 1.31 = $131

Same mark up based on selling price

$131 - $100 = $31

Therefore, our percent mark up if selling price were the base; =$31/$131 * 100 = 23.66%