Question

Wholesale Distributors sells to its contractors with a 42% markup on cost. If the selling price for cabinets is $9,182, what is the cost to contractors based on cost? (Round your answer to the nearest cent.)

Answer 1

selling price = cost + 0.42*cost = 1.42*cost
cost = selling price/1.42

cost = $9182/1.42 ≈ $6466.20