Asked by sidra jawad on Jul 21, 2024
Verified
Omega Restaurant buys Shiraz wine at $16.95 per bottle, and sells it to customers at $34.95 per bottle. Calculate Omega's rate of mark-up on cost and rate of mark-up on selling price of the wine.
Shiraz Wine
A style of wine made from the dark-skinned Syrah grape, known for its bold flavors.
- Evaluate the markup by determining the cost and the final selling price.
- Calculate the rate of markup on selling price versus markup on cost.
Verified Answer
FW
Fesseator WrightJul 22, 2024
Final Answer :
Rate of mark-up on cost = 106.19%; Rate of mark-up on selling price = 51.50%
Learning Objectives
- Evaluate the markup by determining the cost and the final selling price.
- Calculate the rate of markup on selling price versus markup on cost.