Complete the following table: 37% Tuem7Am q pia Cost Amount $78 Selling Price $0

Finance Aug 12, 2020

Complete the following table:
37% Tuem7Am q pia
Cost Amount $78 Selling Price $0.001 Markup Amount I % Markup Based on Cost I% % Markup Based on Selling Price 38%
Round to two decimal places if necessary

Expert Solution

?Computation of the selling price:-

Selling price = Cost + Markup

Selling price = $78 + (38% * Selling price)

62% * Selling price = $78

Selling price = $78 / 62%

= $125.81

Computation of the markup amount:-

Markup amount = 38% * Selling price

= 38% * $125.81

= $47.81

Computation of the % markup based on cost:-

% Markup on cost = Markup amount / Cost

= $47.81 / $78

= 61.29%

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