Assume Markup Is Based on Cost

question 48

Short Answer

Assume markup is based on cost. If the cost of a table is $62 and it sells for $110, what is the percent of markup based on cost? Round to the nearest hundredth percent.

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Definitions:

Profitability

A measure of the efficiency and financial success of a business, indicated by the ratio of profits generated to the amount invested or revenue.

Improve Profitability

Strategies or actions undertaken to increase the net income relative to revenues of a business or investment.

Postponement

A strategy used in supply chain management where the final assembly or customization of a product is delayed until the last possible moment to reduce inventory costs and enhance customization.

Optimal Number

The most favorable quantity that achieves a specific goal, often related to efficiency or cost-effectiveness.