Cost of an item given Selling Price of $45 and a 82.2% Markup on Cost

Given: Selling Price = $45,  Markup = 82.2%
Markup as a Decimal: 82.2% = 0.822
Formula:
Cost =  

Selling Price/ 1 + Markup as a Decimal

Cost =  

$45/ 1 + 0.822

Cost =  

$45/ 1.822

Cost = $24.70
Notes:
Markup Amount = Selling Price – Cost = $45 – $24.70 = $20.30
Profit = Markup Amount = $20.30
Profit Margin =  

Profit/ Selling Price

=  

$20.30/ $45

= 0.4511 = 45.11%