If percent markup on cost and selling price are known, one is able to compute the:
A)Amount of markdown
B)Amount of spoilage
C)Cost
D)Selling price at wholesale
E)None of these

Question

Quizplus · Accepted Answer

If the percent markup on cost and selling price are known, one can use them to determine the cost of the item. The price of the item is related to its cost, so knowing either one allows you to calculate the other. The other options listed are not related to markup and selling price.

If Percent Markup on Cost and Selling Price Are Known