An item has a 30.1% markup based on selling price. What is the equivalent markup percent based on the cost?
A) 43.1%
B) 76.9%
C) 56.9%
D) 23.1%

Question

Quizplus · Accepted Answer

The markup based on cost can be found using the formula: Markup % based on cost = (Markup / Cost) * 100. Given a 30.1% markup based on selling price, the cost represents 100% - 30.1% = 69.9% of the selling price. Therefore, the markup based on cost is (30.1 / 69.9) * 100 = 43.1%.

An Item Has a 30