Selling Price In order to make money by selling a product, you need to sell it for more than it costs. How do you determine how much to charge for a product?

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Presentation transcript:

Selling Price In order to make money by selling a product, you need to sell it for more than it costs. How do you determine how much to charge for a product?

Lesson Objective Calculate the markup rate based on cost.

The Table Co. purchases a dinette set for $180 from the manufacturer. It sells the set for $288. What is the markup rate based on cost? Example 1

Find the markup. Selling Price – Cost $ – $ = $ Example 1 Answer: Step 1

Find the markup rate based on cost. Markup ÷ Cost $ ÷ $ = 0.6 or 60% Example 1 Answer: Step 2

Corner Drugs buys 16-oz fruity tea for $0.70 and sells it on sale for $0.77. Find the markup rate based on cost. Example 2

Find the markup. Selling Price – Cost $0.77 – $0.70 = $0.07 Example 2 Answer: Step 1

Find the markup rate based on cost. Markup ÷ Cost $0.07 ÷ $0.70 = 0.1 or 10% Example 2 Answer: Step 2

Find the markup rate based on cost. Selling price: $ Cost: $93.39 Practice 1

44% Practice 1 Answer

Peaceful Candles sells votives for $4.29 each. The cost of each candle is $2.99. What is the markup rate based on the cost? Practice 2

43% Practice 2 Answer