Solve the problem. Round rates to the nearest tenth of a percent and dollar amounts to the nearest dollar when necessary.
-A jewelry store purchased 120 fashion watches for $3,600. If the store sold 60 watches at $60, 48 watches at $54, and the rest at $30, find (a)the total markup, (b)the markup percent on selling price, and (c)the equivalent markup percent on cost.
A)$2,952, 82%, 45.1%
B)$2,952, 45.1%, 82%
C)$3,600, 55%, 72%
D)$6,552, 100%, 182%

Question

Quizplus · Accepted Answer

The total revenue from selling the watches is $6,552. The total markup is $6,552 - $3,600 = $2,952. The markup percent on selling price is ($2,952 / $6,552) * 100 = 45.1%. The equivalent markup percent on cost is ($2,952 / $3,600) * 100 = 82%.

Solve the Problem