Question

Assume that markup is based on cost. Find the dollar markup and percent markup on cost for the following. (Round your "Dollar markup" answer to the nearest cent and "Percent markup on cost" to the nearest hundredth percent.)

Cost Selling price Dollar markup Percent markup on cost
$14.80 $21.40

Answer 1

Answer and Explanation:

The computation of the dollar markup and the percent markup on cost is shown below;

The dollars markup is

= Selling price - cost price

= $21.40 - $14.80

= $6.60

ANd, the percent markup on cost is

= $6.60 ÷ $14.80 ×100

= 44.60%