Asked by Shykerian Watson on May 25, 2024
Verified
Kevin Woo owns a small shop which specializes in selling scaffolding equipment, ladders, and painting supplies. Kevin marks up all ladders 30% based on selling price. A 28-foot aluminum extension ladder has a cost of $196.14. What is the dollar markup?
Scaffolding Equipment
the temporary structures and tools used in construction, maintenance, and repair activities to support workers and materials.
Aluminum Extension Ladder
A ladder made of aluminum, designed to extend to various lengths for reaching high places.
Dollar Markup
The difference between the selling price of an item and its cost, expressed in dollars.
- Determine the value of a markup in dollars, based on the cost and the price at which it is sold.
- Analyze the contrasts in approach between markup that is cost-based and markup that is selling price-based.
Verified Answer
SM
Shanika McCallumMay 26, 2024
Final Answer :
100% - 30% = 70%; $196.14 ¸ 70% = $280.20 selling price;
$280.20 - $196.14 = $84.06 dollar markup
$280.20 - $196.14 = $84.06 dollar markup
Learning Objectives
- Determine the value of a markup in dollars, based on the cost and the price at which it is sold.
- Analyze the contrasts in approach between markup that is cost-based and markup that is selling price-based.
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