Asked by Giselle Saldana on Jul 05, 2024
Verified
Omar Davies owns a large sporting goods store with several departments, one of which sells only camping equipment. Omar buys one model of portable gas stove for $60. During the camping season, Omar sells the stove for $187.50. What is the markup percent based on selling price?
Markup Percent
The percentage increase over the cost price of a product to calculate the selling price.
Selling Price
The actual price at which a product or service is sold to the customer.
Camping Equipment
Gear or tools specifically designed for use while camping, including tents, sleeping bags, and portable cooking devices.
- Gain insight into the fundamentals of pricing markup relative to the selling cost and the process of computing it.
- Solve real-world business problems involving markup on cost and selling price.
Verified Answer
RF
Rachell FranceenJul 11, 2024
Final Answer :
$187.50 - $60 = $127.50 dollar markup
$127.50 ¸ $187.50 = 0.68 = 68% markup percent based on selling price
$127.50 ¸ $187.50 = 0.68 = 68% markup percent based on selling price
Learning Objectives
- Gain insight into the fundamentals of pricing markup relative to the selling cost and the process of computing it.
- Solve real-world business problems involving markup on cost and selling price.