When markup is based on cost ... a. Cost is equal to selling price b. Cost is the portion c. Cost is 100 percent d. Markup is the rate

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Mathematics

Greer

13 July, 02:44

When markup is based on cost ... a. Cost is equal to selling price b. Cost is the portion c. Cost is 100 percent d. Markup is the rate

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Sandra Franklin · Answer 1

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When markup is based on cost, markup is the rate percentage

Step-by-step explanation:

During the selling of merchandise or services to customers, the business person has to charge a price higher than the cost of goods or labor so as to get profit. The markup of cost is therefore the percentage of an item's wholesale cost that the retailer adds in its retail price to make profits.