A sofa sells for $520. If the retailer makes a 30% profit, what was the wholesale price?

Question

A sofa sells for $520. If the retailer makes a 30% profit, what was the wholesale price?

Answer 1

You don't know. Wholesale price is only one component of the cost. Others are rent, taxes, wages, and the cost of advertising.

Answer 2

the answer is the wholesale price is the remainder of retail less 30%....sooooo-

$520.00 less 30%= 70% of $520.00= wholesale

70% of 520.00 = $364.00

Answer 3

Ok i am going to help you with this as best as i can without actually giving you the answer.  The problem should be written out in one of two ways.  the best for this problem is :  520 x .30=X

520-X= wholesale price

Or you can skip the second step and do basic math in your head.  The total price for the couch=100%

we know the profit for the retailer is 30% so we can solve the problem as:

520 x .70= wholesale price

Its up to you how you want to solve the problem.  The second way doesn't have as many steps at the first, but they come up with the same answer... ps the 30%profit  is $156.00

Answer 4

Assuming the retailer takes a 30 percent markup on selling price, the wholesale price was 70 percent of $520, or $364.

If the retailer gets a markup on cost, then the sofa cost the retailer paid $400 for the sofa.  That is, ($400/100) x 130 = $520.  Or ($520/130) x 100 = $400.

Most wholesaler transaction calculate markup on selling price.

Answer 5

$364