Asked by
Evelyn Marquez
on Dec 16, 2024Verified
If Jane Westerlund, owner of a picture frame store, raises the average price of a framed picture to $100 and the cost of goods sold is $36, what is the percentage markup on selling price?
A) 36 percent
B) 55 percent
C) 64 percent
D) 100 percent
E) 178 percent
Percentage Markup
A pricing method where a specific percentage is added to the cost of a product to determine its selling price.
Average Price
Average price is a calculation that sums up the cost of multiple items or services and divides by the number of units to find the mean cost.
Cost of Goods Sold
The direct costs attributable to the production of the goods sold by a company, including materials, labor, and manufacturing overhead.
- Assess primary financial measurements, such as markup percentage, markdown percentage, and return on investment.
Verified Answer
DY
Learning Objectives
- Assess primary financial measurements, such as markup percentage, markdown percentage, and return on investment.