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How To Solve For Selling Price Amount On Percent Markup Based On Selling Price Explained - Business

In this video we discuss how to solve for the selling price amount in percent markup based on selling price. We also use the formula for percent markup, and percent cost based on selling price to go through a couple of examples Transcript/notes The formula for markup based on selling price is, markup on selling price equals, the amount of markup divided by the selling price. And, the answer will be stated as a percent, so, the markup is stated as a percent of selling price. As an example, let’s say that a retailer is selling a couch. Their cost for the couch is $823.44 and they apply a 26.2% markup based on selling price to the couch. What is the selling price amount of the couch, and what is the markup amount for the couch? We are going to start by drawing a table with percentages and dollar amounts for cost, markup and selling price (put in $$$ and %’s), and we will fill in what we know. We know the cost is $823.44, and we know the markup on selling price is 26.2%, and since it is markup based on selling price, the selling price percent will be 100%. And we can also calculate the percent cost on selling price, which is 100%, the selling price percent, minus 26.2%, the markup percent, which gives us 73.8% as the percent cost on selling price, which we can put in the table. Now we can take our formula of markup on selling price equals, the amount of markup divided by the selling price and use it for cost, rather than markup. So, we have cost on selling price equals, the amount of cost divided by the selling price. Plugging into the formula, we have 73.8%, the percent cost on selling price, equals, $823.44 divided by S, the selling price. We first convert 73.8% to a decimal, and then solve for S, which I have done on the screen. And we get $1115.77 as the selling price, which answers the first question, and we can put that in the table. Now to find the markup amount, we can use the basic markup formula, selling price equals, markup plus cost. From what we now know, we have $1115.77 equals markup plus $823.44, and solving for markup we get markup amount equals $292.33, which we can put in the table, and that answers the second question. And here is another example of solving for selling price amount, where we are given the markup amount and the percent markup on selling price. Chapters/Timestamps 0:00 Formula for percent markup based on selling price 0:12 Example solving for selling price amount 0:29 Draw a table starting out 0:50 How to calculate percent cost based on selling price 1:06 Formula for percent cost based on selling price 1:16 How to calculate selling price amount 1:48 How to calculate markup amount 2:14 Another example problem