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Misu Sheet, owner of the Bedspread Shop, knows his customers will pay no more than $100...

Misu Sheet, owner of the Bedspread Shop, knows his customers will pay no more than $100 for a comforter. Misu wants a 37% markup on cost instead of on selling price. What is Misu’s cost? (Round your answer to the nearest cent.)

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Answer #1

Selling price = $100 per unit

Mark up = 37% on cost

Let the cost per unit be = $K

Mark up = K x 37%

= 0.37K

Cost + Mark up = Selling price per unit

K+0.37K = 100

1.37K = 100

K = 100/1.37

= $72.99

Cost = $72.99

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