Question

8 Assume markup is based on cost. If the cost of a table is $62 and sells for $110, what is the percent of markup based on cost? Round to nearest hundredth percent.

Answer 1

This should be easy

Answer 2

Starting from the cost of the table which is $62

Answer 3

So a gross margin of about 43.63% should equal to a price of about $110

Answer 4

That in term creates a profit of about $48 which makes it easy to figure out the mark up

Answer 5

Mark up should be about 77.4%