Question

Ace Hardware purchased 15 shovels from Skill Company for $7.00 each. Ace's markup is 33% on selling price. What should Ace charge for the shovels? (Round to hundredths.)

Answer 1

Answer:

The correct answer is  $9.31

Explanation:

Margin = Gross profit/ cost

33% = x / $7.00

Gross profit = $7.00 *0.33= $2.31

Selling price = $7.00 + $2.31 = $9.31

Ace Hardware should charge $9.31