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A company calculates the prices of jobs by adding overheads to the prime cost and adding 30% to the total costs as a mark up. Job j256 was sold for £1690 and incurred overheads of £694. What was the prime costs of the job?
Answer :
Selling price 1690
Less profit margin (30/130) 390
Total cost of job. 1300
Less overheads. 694
Prime cost. 606I can work backwards and understand 30% of 1300 but how do you work out the 30 percent using the information in the question. I can’t get to the 390 as the profit margin.
Just worked it out . To work out the percentage instead of 30/100 x 1690
It would be 30/130 x 1690
Sorry can’t believe I couldn’t work that out from the answer the clue was there….
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