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Math Help - I need formulas.....

  1. #1
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    I need formulas.....

    I am stuck and need 2 formulas.

    Firstly i need to work out my mark-up and selling price when all i have been given is
    cost - $90 and gross profit of 25%

    Secondly i need to work out my mark-up and cost when all i have been given is
    selling price $240 and gross profit of 37.5%
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  2. #2
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    You will have to define what you mean by "markup". There are two ways to do it.

    Example:

    If Cost = $100 and Selling Price = $150, making the Gross Profit $50, we have two things...

    1) Percent of Selling Price: 50 / 150 = 33.33% markup.
    2) Percent of Cost: 50 / 100 = 50.00% markup.

    Which will you define for us?
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  3. #3
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    I'm completely confused by this, one formula seems to work for one but not another
    So basically i'll just ask u what the question is asking me and hopefully you can help me.

    It's asking me to fill in the missing figures (which i have written in red)
    Cost , Mark-up , Selling price , Gross Profit
    $ % $ %
    (a) 140 40 196 28.57
    (b) 90 33.33 120 25
    (c) 123 30 160 23.08
    (d) 150 60 240 37.50

    I know this may seem like im asking you to do it for me, but i have the answers and i have spent hours of time trying to figure out how they got them its just gone right over my head though.
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  4. #4
    Grand Panjandrum
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    Quote Originally Posted by KiRRa View Post
    I am stuck and need 2 formulas.

    Firstly i need to work out my mark-up and selling price when all i have been given is
    cost - $90 and gross profit of 25%

    Secondly i need to work out my mark-up and cost when all i have been given is
    selling price $240 and gross profit of 37.5%
    selling_price= cost*(1+gross_profit/100)

    mark_up=selling_price - cost

    CB
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  5. #5
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    Thanks CB i'll try that
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  6. #6
    Grand Panjandrum
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    Quote Originally Posted by CaptainBlack View Post
    selling_price= cost*(1+gross_profit/100)

    mark_up=selling_price - cost

    CB
    For what you post you have the mark up expressed as a percentage, in which case you have:

    mark_up=[(selling_price-cost_price)/cost_price]*100 %

    CB
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  7. #7
    Grand Panjandrum
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    Quote Originally Posted by KiRRa View Post
    Thanks CB i'll try that
    You can also try typing "mark up" and "gross profit" into Wikepedia (or more logically look them up in your course notes and/or text)

    CB
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  8. #8
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    Quote Originally Posted by CaptainBlack View Post
    For what you post you have the mark up expressed as a percentage, in which case you have:

    mark_up=[(selling_price-cost_price)/cost_price]*100 %

    CB
    Thanks, this one worked but still stuck on the others. Thankfully im able to go in and speak with the teachers today
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