Question

P = C + Cr is a formula which can be used to find the retail price of an item (P) in which C represents the buyer's cost of the item and r represents the rate of markup. Using algebraic properties, solve the formula for cost (C).

Answer 1

Explanation:

Formula 1: If we earn a profit while selling a product, we use the following formula.

Cost price formula = Selling Price -

Profit

Formula 2: If we incur a loss while selling a product, we use the following formula.

Cost price formula = Selling Price +

Loss

Formula 3: The formula using gain (profit) percentage and selling price is given as,

Cost price formula = {100/(100+ Profit%)} x SP.

Formula 4: The formula using loss percentage and SP is given as,

Cost price formula = {100/(100 - Loss%)} x SP.