Questions: Assume markup is based on cost. Solve for the actual cost (round to nearest cent): Selling price 600 Markup % on cost 35% Actual cost?

Assume markup is based on cost. Solve for the actual cost (round to nearest cent): Selling price 600 Markup % on cost 35% Actual cost?
Transcript text: Assume markup is based on cost. Solve for the actual cost (round to nearest cent): Selling price $600 Markup % on cost 35% Actual cost?
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Solution

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Solution Steps

Step 1: Define the relationship between selling price, cost, and markup

Selling Price = Cost + Markup

Since Markup is based on cost and Markup percentage is 35%, Markup = 0.35 * Cost

Therefore, Selling Price = Cost + 0.35 * Cost = 1.35 * Cost

Step 2: Calculate the actual cost

Given Selling Price = $600, we have:

$600 = 1.35 * Cost

Cost = $600 / 1.35

Cost = $444.4444...

Step 3: Round the cost to the nearest cent

Rounding to the nearest cent, the cost is $444.44

Final Answer: The actual cost is $444.44.

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