Assume markup is based on cost. Find the dollar markup and selling price for the following problem.

Cost = 400
Markup Price = 40%

what is the dollar markup and selling price?

I have the formula to get the dollarmarkup and to get the percent markup cost but in order to do that I need the selling price, so I think I have the wrong formula. Can someone explain how to do this correctly?

Question

Assume markup is based on cost. Find the dollar markup and selling price for the following problem. 


Cost = 400 
Markup Price = 40%

what is the dollar markup and selling price?

I have the formula to get the dollarmarkup and to get the percent markup cost but in order to do that I need the selling price, so I think I have the wrong formula. Can someone explain how to do this correctly?

nincompoop · Answer

always go with the definition of terms and all will be easier to understand

anonymous · Answer

dollar markup is $160 and selling price is $560