The Quick Plumbing Supply sells a set of faucets for $79.75. If a 45% markup based on cost was used, what was the cost of the faucets to Quick Plumbing? (Round to the nearest cent.)
C + 0.45C = 79.75
1.45C = 79.75
C = $55.00
To find the cost of the faucets to Quick Plumbing, we can set up the following equation:
Cost + Markup = Selling Price
Let's assume the cost of the faucets is C.
We know that the selling price is $79.75, and the markup based on cost is 45%.
So, markup = 45% of C = 0.45C
Substituting the values into the equation, we get:
C + 0.45C = $79.75
Combining like terms:
1.45C = $79.75
To solve for C, divide both sides by 1.45:
C = $79.75 / 1.45
Calculating this gives:
C ≈ $55.00
Therefore, the cost of the faucets to Quick Plumbing was approximately $55.00.
To find the cost of the faucets, we can use the concept of a markup percentage. A markup percentage represents the increase in price above the cost price. In this case, we are given a 45% markup based on cost.
Let's assume the cost of the faucets is represented by "x."
To find the selling price, we add the markup percentage to the cost:
Selling Price = Cost + (Markup Percentage * Cost)
Selling Price = Cost + (45% * Cost)
Selling Price = Cost + 0.45 * Cost
Selling Price = 1.45 * Cost
We are given that the selling price is $79.75, so we can write the equation:
1.45 * Cost = $79.75
To find the value of Cost, we divide both sides of the equation by 1.45:
Cost = $79.75 / 1.45
Calculating this, we find:
Cost ≈ $54.97
Therefore, the cost of the faucets to Quick Plumbing was approximately $54.97.