Question

Xavi is a painter of landscapes and seashore portraits. He works outside and has no overhead or fixed costs such as a studio. In a typical year, it costs him $201 in canvas, paints and brushes per painting. This year he sold 322 pictures at a price of $244 each. What is Xavi's percentage markup

Answer 1

Answer:

Markup= 17.62%

Explanation:

Giving the following information:

In a typical year, it costs him $201 in canvas, paints, and brushes per painting. This year he sold 322 pictures for $244 each.

To calculate the markup percentage, we need to use the following formula:

Markup= [(selling price - unitary cost) / selling price]*100

Markup= [(244 - 201)/244]*100

Markup= 17.62%