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In this video we discuss how to solve for, or calculate the cost amount in markup based on cost business math problems. We go through a couple of examples showing the process

Transcript/notes
Let’s say that need to calculate the cost amount and you are given the selling price and the percent markup on cost.

As an example, if an item has a selling price of $212.58 and the markup on cost is 28.25%, what is the cost amount?

We are going to start by drawing a table with percents and dollar amounts for cost, markup and selling price, and we will fill in what we know. We know the selling price is $212.58, and we know the markup on cost is 28.25%, and since it is markup based on cost, the cost will be 100%. And we also know that the percent selling price based on cost will be the cost percent plus the markup percent, so, 128.25%.

To find the cost amount, we can use the percent selling price based on cost formula, which is percent selling price of cost equals, the selling price divided by the cost amount.

Using what we know from what is given, we have 128.25%, or 1.2825, the percent selling price based on cost equals, $212.58, the selling price over the cost amount. We can multiply both sides by cost, as I have done on the screen, then divide both sides by 1.2825, and now we have cost equals, $212.58 over 1.2825, which calculates to $165.75 rounded off. And we can put that in the table, and we have our final answer.

And here is another example where you are given the percent markup on cost and the markup amount and you have to find the cost.

Chapters/Timestamps
0:00 Solve for cost amount given selling price and percent markup on cost
0:15 Draw a table first
0:44 Formula for selling price based on cost
1:30 Another example problem