Assume markup is based on cost. Find the dollar markup and selling price for the following problem. (Round your answers to the nearest cent.)

Dollar markup

Selling price

Item

Burberry men's watch

Cost

$490

Markup percent

40%

The selling price of the product = $686The markup of the selling price = 28.5 %

Step-by-step explanation:

Given that the markup percent is based on the cost of the product.

The cost of Burberry men's watch = $490

Markup percent = 40 %

= 40 % (490) = $196

The new selling price of the product = 196 + 490 = $686

The markup percent of the selling price, (x%) 686 = 196

x = 28.5 %

The markup is 28.5 % of the selling price