Question

A department store buys 100 shirts at a cost of $1,800 and sells them at a selling price of $20 each. Find the percent markup.. The percent markup is ___ %. (Round to the nearest whole number as needed.)

Answer 1

To find the percent markup, subtract the cost price from the total selling price, divide the difference by the cost price, and multiply by 100. Markup = ($2000 - $1800) / $1800 × 100, which gives a percent markup of approximately 11%.

Step-by-step explanation:

To find the percent markup, we need to calculate the difference between the selling price and the cost price of the shirts and then find out what percentage this difference is of the cost price. First, we calculate the total selling price for the 100 shirts by multiplying the number of shirts (100) by the selling price per shirt ($20):

Total selling price = 100 shirts × $20

= $2,000.

Next, we find the markup by subtracting the cost price from the total selling price:

Markup = Total selling price - Cost price

= $2,000 - $1,800

= $200.

To get the markup percentage, we divide the markup by the cost price and then multiply by 100:

Markup percentage = (Markup / Cost price) × 100

= ($200 / $1,800) × 100 ≈ 11.11%.

When rounded to the nearest whole number, the percent markup is approximately 11%.