Question

A furniture store sells a couch for $579. The markup on the couch is 30%. What is the wholesale cost of the couch to the store to the nearest cent

Answer 1

the couch sells for $579 but it has a markup of 30%, so the selling price being 100%, if we take out 30% of that, that's 100% - 30% = 70%, so hmmm 70% of that $579 is really the wholesale cost of the couch, or namely what the store paid to get it, before adding the markup.

`\begin{array}ll \cline{1-1} \textit{\textit{\LARGE a}\% of \textit{\LARGE b}}\\ \cline{1-1} \\ \left( \cfrac{\textit{\LARGE a}}{100} \right)\cdot \textit{\LARGE b} \\\\ \cline{1-1} \end{array}~\hspace{5em}\stackrel{\textit{70\% of 579}}{\left( \cfrac{70}{100} \right)579}\implies \stackrel{ Cost }{\text{\LARGE 405.30}}`

Answer 2

The wholesale cost of the couch to the store, when sold for $579 at a 30% markup, is $445.38.

Step-by-step explanation:

The student asks about calculating the wholesale cost of a couch that is sold for $579 with a markup of 30%. To find the wholesale cost, we first need to express the markup as a decimal, which is 0.30. We know that the retail price is 130% of the wholesale cost, because 100% represents the wholesale cost, plus the 30% markup. Therefore, the equation to calculate the wholesale cost (W) is:

579 = W + 0.30W

Combining like terms gives us:

579 = 1.30W

To find W, we divide both sides by 1.30:

W = 579 / 1.30

W = $445.38

Therefore, the wholesale cost of the couch to the store to the nearest cent is $445.38.