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Dear Mike,
BPP exam kit- Question 150 (Ruby)
I do not understand how to calculate one third mark up on cost, Please can you explain how to calculate ?
Thank you,
Cost + profit = selling price
Mark up is a fraction or a percentage based ON cost (margin or gross profit is a percentage based on selling value)
Whatever it’s “on” is 100
So a one third mark up on cost gives us the equation …
1 + 1/3 =1,1/3
Easier in percentages
100 + 33.33 = 133.33
So if we are told about 1/3 mark up, that’s the same as saying 1/4 margin or gross profit (33.33/133.33)
It would help you to watch John’s lectures on F3!
OK?
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