Question

A department store buys 100 shirts at a cost of ​$700 and sells them at a selling price of ​$10 each. Find the percent markup.

Answer 1

42.8%

Explanation:

Step one:

given data

A department store buys 100 shirts at a cost of ​$700

let us find the cost of 1 shirt

cost of 1 shirt= 700/100= $7 per shirt

The cost price per shirt = $7

We are given that the selling price = $10 per shirt

Step two:

The percent markup can be found as

percent markup= selling-cost price/cost price*100

percent markup= 10-7/10*100

percent markup= 3/7*100

percent markup= 0.428*100

percent markup= 42.8%