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Here is a selling price formula S C+rC. The selling price, ...
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Here is a selling price formula: S=C+rC. The selling price, S, is equal to the original cost, C, plus the markup rate, r, multiplied by the original cost. With this in mind, here's the actual question: A 20lb turkey has a 35% markup and is selling for $22.50. Use the selling price formula to find the original cost of the turkey (rounded to the nearest cent). Show all work.
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Expert:
The Professor
replied 8 years ago.
Who dreams up these word problems anyhow.
First thought: who CARES how much the turkey weighs? It isn't a factor in solving the problem as the weight of the turkey is not in the selling price formula:
S = C + rC
But we do know S the selling price and r the markup:
22.50 = C + .35 C
Combining terms:
22.50 = 1.35 C
Dividing both sides by 1.35:
$16.67
Final answer.
You can check it by replacing C in the selling price formula with $16.67  and it does check!
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Customer:
replied 8 years ago.
Thanks Gezzer I keep forgetting to combine the like terms. I kept getting 15.157 for C, which doesn't work when you plug it into the formula.
Expert:
The Professor
replied 8 years ago.
THIS ANSWER IS LOCKED!
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