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Chapter 2: Q 144. (page 130)

In the following exercises, find (a) the amount of the mark-up and (b) the list price.

Regina bought a handmade quilt at original cost $120 to sell in her quilt store. She marked the price up 55%. What was the list

price of the quilt?

Short Answer

Expert verified

Part (a) The mark-up amount is $66.

Part (b) The list price is $186.

Step by step solution

01

Step 1. Given information.

The original cost is $120 and the mark-up rate is 55%.

02

Part (a) Step 2. Find the amount of mark-up.

Calculate mark-up amount:

Mark-upamount=55%ofOriginalcost=55%of120=0.55脳120=66

So, the mark-up amount is $66.

03

Part (b) Step 1. Find the list price.

Calculate the list price by adding a mark-up amount to the original cost.

Listprice=originalcost+mark-upamount=120+66=186

So, the required list price is $186.

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