If Jane Westerlund,owner of a picture frame store,raises the average price of framed picture to $100 and the cost of goods sold is $36,what is the percentage markup on selling price?

Question

Quizplus · Accepted Answer

The formula for percentage markup on selling price is:
percentage markup on selling price = (selling price - cost of goods sold)/cost of goods sold * 100%
Given, the average price of a framed picture is $100 and the cost of goods sold is $36.
So, selling price = $100 and cost of goods sold = $36
Therefore, the percentage markup on selling price = ($100 - $36) / $36 * 100% = 178.8%
Rounding to the nearest whole percent, we get the answer as 64%. Therefore the best choice is C.

If Jane Westerlund,owner of a Picture Frame Store,raises the Average