The markup on a desk should be 31% based on selling price. If the seller paid $240 for one, then how much should it sell for to achieve the desired markup?
A) $314.40
B) $347.83
C) $774.19
D) $405.60

Question

Quizplus · Accepted Answer

The selling price can be found using the formula: Selling Price = Cost / (1 - Markup Percentage). Here, the cost is $240 and the markup percentage is 31% or 0.31. So, Selling Price = $240 / (1 - 0.31) = $240 / 0.69 = $347.83.

The Markup on a Desk Should Be 31% Based on Selling