Question

One wooden boat costs you $12.00 in supplies. You will be marking the price up by 20% on this. How much will each toy cost when you place the price on your site and how much in profit will you earn?

Answer 1

The Cost of toy when placed on the site will be $14.4 and also Profit will be $2.4 on each toy.

Explanation:

Given:

Cost Price of 1 wooden boat = $12.00

Percentile Markup price = 20%

We need to find the Selling Price of each toy and profit earned on selling each toy.

Solution:

We will first find the Amount of Markup price.

Amount of Markup price is equal to Percentile Markup price multiplied by Cost price of each toy and then dividing by 100;

Framing in equation form we get;

Amount of Markup price =
`(20)/(100)*12 =\$2.4`

Now we will find Selling Price.

Selling Price is equal to sum of Cost Price and Markup Price.

Framing in equation form we get;

Selling Price = $12 + $2.4 = $14.4

Also Profit will equal to markup price on each toy.

Profit on each toy = $2.4

Hence The Cost of toy when placed on the site will be $14.4 and also Profit will be $2.4 on each toy.