Asked by Mo Cain Jumaah on Jun 22, 2024
Verified
Clark Thomas wants to purchase a side table for his home. Clark found one that is selling for $450. Through a friend, Clark learns that the dealer's cost of this side table is $300.00. Find the dealer's markup percent based on selling price.
Side Table
A small, usually low table designed to be placed beside a chair or sofa for convenience in reaching items or resting drinks.
Markup Percent
The percentage added to the cost price of goods to cover overhead and profit, expressed as a portion of the cost.
- Assess the proportional addition made to the cost, represented as a percentage of the selling price.
- Examine the differentiation between cost-based and selling price-based markups.
Verified Answer
AN
Amaryllis NothsteinJun 23, 2024
Final Answer :
$450 - $300 = $150 dollar markup;
$150 ¸ $450 = 0.33 = 33% markup percent based on selling price
$150 ¸ $450 = 0.33 = 33% markup percent based on selling price
Learning Objectives
- Assess the proportional addition made to the cost, represented as a percentage of the selling price.
- Examine the differentiation between cost-based and selling price-based markups.
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