What is the formula for calculating markup based on cost?

• Markup on cost equals cost divided by amount of markup

• Markup on cost equals cost divided by selling price

• Markup on cost equals selling price divided by cost

• Markup on cost equals amount of markup divided by cost

If a pair of shoes costs $55 and is sold for $77, what is the markup amount?

• $22

• $12

• $32

• $18

In the dumbbells example, what is the cost if the markup is $38 and the markup percentage is 25%?

• $152

• $190

• $120

• $100

What is the selling price of the dumbbells if the cost is $152 and the markup is $38?

• $210

• $200

• $190

• $180

When given the percent markup on cost and one of the three variables (selling price, cost, or markup), what is the typical approach to solve the problem?

• Use a calculator to guess the values

• Use trial and error

• Set up a cost, markup, and selling price table

• Consult a financial advisor