Question

Patios Plus sold an outdoor lighting set for $119.95. The markup on the set was $23.99. Find the markup percent on cost

Answer 1

markupThe markup percent on cost is given by:

Markup % = (Selling price- Cost) / Cost

Where the selling price = 119.95

If the markup on set was $23.99. Therefore, we can calculate the cost:

C = $119.95-$23.99

C =95.96

Then:

Markup % = ((Selling price- Cost) / Cost)*100

Markup % = (119.95- 95.96) /95.96)

Then :

Markup % = 25