2. If a retailer sells an oriental vase for $205.99. What was his markup if he b

Question

2. If a retailer sells an oriental vase for $205.99. What was his markup if he bought the vase for $120.00. (Value 10 pts)

                                  Markup in actual dollars                               ________

                                    Express markup as a % of cost                       ________

                                    Express markup as a % of selling price          ________

In marketing, markups are normally expressed as a % of _____________________ for convenience.

Explanation / Answer

1)Markup in actual dollars =SP-cost

=205.99-120.00=$85.99

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2) % of cost =(205.99-120.00) /120 =71.66%

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3) % of SP =(205.99-120.00) /205.99 =41.745%

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In marketing, markups are normally expressed as a % of selling price for convenience.

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