From the question
Percentage markup = 26%
Selling price(SP) = $350
To find the Markup
The formula below will be used
[tex]\text{ \%Markup }=\frac{SP-CP}{CP}-100\text{\%}[/tex]Since Cost price(CP) is not given
Hence, substitute given values to find CP
[tex]26=\frac{350-CP}{CP}\times100[/tex]Solve for CP
Cross multiply
[tex]26CP=100(350-CP)[/tex]Expand the bracket
[tex]26CP=35000-100CP[/tex]Collect like terms
[tex]\begin{gathered} 26CP+100CP=35000 \\ 126CP=35000 \end{gathered}[/tex]Divide both sides by 126
[tex]\begin{gathered} \frac{126CP}{126}=\frac{35000}{126} \\ CP=\text{ \$}277.78 \end{gathered}[/tex]Hence the cost price is $277.78
To find Markup the formula below will be used
[tex]\text{Markup }=SP-CP[/tex]Hence,
[tex]\begin{gathered} \text{Markup }=\text{ \$}350-\text{ \$}277.78 \\ \text{Markup }=\text{ \$}72.22 \end{gathered}[/tex]Therefore, the markup is $72.22
