Asked by Heyhi
Jose’, store manager for SportsHaven, does not know how to price a GE freezer that cost the store $580. Jose’ knows his boss wants a 25% markup on selling price. How much should Jose’ price the freezer?
Answers
Answered by
Ms. Sue
580 * 1.25 = $___________________
Answered by
Heyhi
Thanks. Also, what can we do if they said 25% markup on cost instead of selling price?
Answered by
Reiny
Ms Sue actually found the markup based on the cost price
to find the markup based on the selling price, let the selling price be x
profit = x-580
and (x-580)/x = .25 = 1/4
4x - 2320 = x
3x = 2320
x = 773.33
check: the profit = 773.33-580 =193.33
rate based on SP = 193.33/773.33 = .25
to find the markup based on the selling price, let the selling price be x
profit = x-580
and (x-580)/x = .25 = 1/4
4x - 2320 = x
3x = 2320
x = 773.33
check: the profit = 773.33-580 =193.33
rate based on SP = 193.33/773.33 = .25
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