 Calculate the missing information. Round dollars to the nearest cent and percents to the nearest tenth of a percent.
Item 	Cost 	Amount of
Markup 	Selling price 	Percent Markup
Based on Cost
Bookcase 	$42.40 	$23.50

We are tasked with finding two pieces of missing information for the bookcase: the **Selling Price** and the **Percent Markup Based on Cost**.

### Given:
- **Cost** = $42.40
- **Amount of Markup** = $23.50

### Step 1: Calculate the Selling Price
The selling price is the sum of the cost and the markup amount.
\[
\text{Selling Price} = \text{Cost} + \text{Markup Amount}
\]
\[
\text{Selling Price} = 42.40 + 23.50 = 65.90
\]

### Step 2: Calculate the Percent Markup Based on Cost
To calculate the percent markup based on cost, use the formula:
\[
\text{Percent Markup} = \left( \frac{\text{Markup Amount}}{\text{Cost}} \right) \times 100
\]
\[
\text{Percent Markup} = \left( \frac{23.50}{42.40} \right) \times 100 \approx 55.4\%
\]

### Final Answers:
- **Selling Price** = $65.90
- **Percent Markup Based on Cost** = 55.4%

Would you like more details on this solution or have any questions?

Here are 5 related questions:
1. How does the selling price change if the markup is based on a percentage instead of a fixed amount?
2. What is the formula for calculating the markup percentage based on the selling price?
3. How would a discount affect the selling price and percent markup?
4. What is the difference between markup based on cost and markup based on selling price?
5. How do businesses decide on markup amounts?

**Tip:** When dealing with percentages in business, always ensure you're clear about whether the percentage is based on cost or selling price to avoid confusion.

Calculate the missing information. Round dollars to the nearest cent and percents to the nearest tenth of a percent.
Item  Cost  Amount of Markup  Selling price  Percent Markup Based on Cost
Bookcase  $42.40  $23.50

Learn how to calculate the selling price and percent markup based on cost for a bookcase. With a cost of $42.40 and a markup of $23.50, this example walks through the formulas and steps to find the selling price and percent markup (55.4%). Suitable for students in Grades 5-7.

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