Formula for finding profit

Answer 1

If you know your cost, then you can find the price you must charge by

Multiplying the cost by 1 plus the percent of profit you want. In the

Example above:

Cost = $60

Required Profit = 24%

60 * 1.24 = 74.4

You must charge at least $74.40 to achieve your required profit margin.

The formula for markup percentage is (Sell Price - Cost) / Sell Price.

Cost = $60

Sell Price = $65

(65 - 60) / 65 = .0769

Markup Percentage is 7.69%