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Sheridan Service sells oil at a markup of 48% of the selling price. Sheridan paid $1.03 per litre of oil (a) What is the sell
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Answer #1

If selling price is $100 then markup price is $ 148.

(b)

markup based on cost is $148 - $1.03 = $146.97

The rate of markup on cost is (146.97/1.03) x 100%

= 142.689320 %

(a)

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