Cost of an item given Selling Price of $750 and a 30% Markup on Cost

Given: Selling Price = $750,  Markup = 30%
Markup as a Decimal: 30% = 0.3
Formula:
Cost =  

Selling Price/ 1 + Markup as a Decimal

Cost =  

$750/ 1 + 0.3

Cost =  

$750/ 1.3

Cost = $576.92
Notes:
Markup Amount = Selling Price – Cost = $750 – $576.92 = $173.08
Profit = Markup Amount = $173.08
Profit Margin =  

Profit/ Selling Price

=  

$173.08/ $750

= 0.2308 = 23.08%