Question

Solve for the missing numbers. Markup is based on cost

100% C blank
20% M $35.60
120$ S blank
(round to the nearest cent as needed)

Answer 1

The missing cost (C) when given a 20% markup (M) and a selling price (S) of $35.60 is found by dividing $35.60 by 1.20 resulting in a cost of $29.67 when rounded to the nearest cent.

Step-by-step explanation:

To solve for the missing numbers with the given markup based on cost, we must understand the markup formula. The markup (M) is typically calculated as a percentage of the cost (C). The selling price (S) is then the sum of the cost plus the markup. To find the missing numbers, the formula is as follows:

• S = C * (1 + M/100)

Given that the markup is 20% and the selling price is $35.60, we can calculate the cost (C). Converting 20% into decimal form gives us 0.20. The equation becomes:

• 35.60 = C * (1 + 0.20)

Solving for C, we divide $35.60 by 1.20:

• C = $35.60 / 1.20

Thus, C = $29.67 (rounded to the nearest cent).