Cost of an item given Selling Price of $1,000 and a 66.667% Markup on Cost

Given: Selling Price = $1,000,  Markup = 66.667%
Markup as a Decimal: 66.667% = 0.66667
Formula:
Cost =  

Selling Price/ 1 + Markup as a Decimal

Cost =  

$1,000/ 1 + 0.66667

Cost =  

$1,000/ 1.66667

Cost = $600
Notes:
Markup Amount = Selling Price – Cost = $1,000 – $600 = $400
Profit = Markup Amount = $400
Profit Margin =  

Profit/ Selling Price

=  

$400/ $1,000

= 0.4 = 40%