Question

Xavi is a painter of landscapes and seashore portraits. He works outside and has no overhead or fixed costs such as a studio. In a typical year, it costs him $193 in canvas, paints and brushes per painting. This year he sold 443 pictures at a price of $284 each. At what price would he have to sell his paintings to recognize a margin of 25%?

Answer 1

$241.25

Step-by-step explanation:

Please see attachment and please note that a markup is the difference between selling price of good or service to that of its cost. So, markup price is added to the total cost of the good or service in order to make profit.