Cost of an item given Selling Price of $268.80 and a 28% Markup on Cost

Given: Selling Price = $268.80,  Markup = 28%
Markup as a Decimal: 28% = 0.28
Formula:
Cost =  

Selling Price/ 1 + Markup as a Decimal

Cost =  

$268.80/ 1 + 0.28

Cost =  

$268.80/ 1.28

Cost = $210
Notes:
Markup Amount = Selling Price – Cost = $268.80 – $210 = $58.80
Profit = Markup Amount = $58.80
Profit Margin =  

Profit/ Selling Price

=  

$58.80/ $268.80

= 0.2188 = 21.88%