Question

The wholesale cost of a set of patio furniture is $310.40. The markup for the set is 35%. Find the selling price of the furniture set to the nearest

cent.

(please help!)

Answer 1

The selling price of the furniture set is $419.04 to the nearest cent.

Step-by-step explanation:

To find the selling price of the furniture set, we need to add the markup to the wholesale cost. First, we calculate the markup amount by multiplying the wholesale cost by the markup percentage:

Markup amount = $310.40 x 35% = $108.64

Next, we add the markup amount to the wholesale cost:

Selling price = Wholesale cost + Markup amount = $310.40 + $108.64 = $419.04

Therefore, the selling price of the furniture set is $419.04 to the nearest cent.

Answer 2

Wholesale cost = $310.40
Markup = 35%

Markup is when the price is increased from the price the sellers initially purchased from the suppliers.

So,
Selling Price = 310.40 + (310.40 x 35%)
= 310.40 + (310.40 x (35/100))
= 310.40 + (310.40 x 0.35)
*= $ 419.04*