Johnny Mac's Sporting Goods bought a baseball glove from Rawlings Sporting Goods for $66.00. They
want to mark up the glove 70% on selling price. What should Johnny's sell the glove for?
A. $113.22
B. $179.82
C. $246.42
D. $220.00
I came up with 112.20
66 X .70% = 46.20 + 66.00= 112.20
contacted the instructor and they stated that the correct answer is: 70%-100%=30%/66.00=220.00 is answer
stated that you need to use the formula on selling price not on market price.
To calculate the selling price after a 70% markup, you need to add the markup amount to the cost price.
Step 1: Calculate the markup amount.
Markup amount = 70% of $66.00
Markup amount = 0.70 * $66.00
Markup amount = $46.20
Step 2: Add the markup amount to the cost price.
Selling price = Cost price + Markup amount
Selling price = $66.00 + $46.20
Selling price = $112.20
Therefore, Johnny should sell the glove for $112.20, which is not one of the given options.
It seems that there might be a mistake in the given options, as none of them match the calculated selling price.
To calculate the selling price after a 70% markup, you need to add the markup amount to the cost price. Here's how you can do it:
1. Multiply the cost price ($66.00) by the markup percentage (70% or 0.70).
66.00 * 0.70 = $46.20
2. Add the markup amount to the cost price.
66.00 + 46.20 = $112.20
So, according to your calculations, the selling price should be $112.20. However, this amount is not among the given answer choices. Let's go through the given options and check the calculations:
A. $113.22:
This option is similar to your calculated amount. The difference may be due to rounding errors, so it seems plausible.
B. $179.82:
This option is significantly higher than your calculated amount. It does not seem correct.
C. $246.42:
This option is even higher than the previous one. It also seems unlikely.
D. $220.00:
This option is higher than your calculated amount but lower than the other incorrect options. It has a chance of being correct.
Comparing the given options with your calculated amount, it seems like option A, $113.22, is the closest match. However, it's important to note that rounding errors might account for the slight discrepancy.