Question

Find the markup and the selling price of the following item. Round answers to the nearest cent. A suit costing $120.00 marked up 50% on cost

Answer 1

Answer: The mark up amount on suit is $60 and the selling price of suit is $180.

Explanation:

Given: The cost price of the suit = $120

The mark up percent on suit = 50 %

Therefore, the mark up amount = 50% of $120

⇒ The mark up amount =
`0.5*120=\$60`

The mark up amount =$60

Now, the selling price of suit = Cost price +Mark up

The selling price of suit =$120+$60=$180