Markup & Gross Profit Percentage
Markup is the amount you add to the cost to get the retail price. Let's say that you mark up an item for which you pay $3.00 by 50%. Convert the percentage to a the decimal form 0.50 and multiply $3.00 by 1.50 to get $4.50. Your markup is 50% because you increased the cost by 50% to get the retail price.
Following through with the same example, now we look at this in reverse. When you sell the item for $4.50 with a cost of $3.00, then you have a profit of $1.50 on a sale of $4.50. The gross profit percentage is 1.50/4.50 = 0.33 or 33%.
When you have the item, know what gross profit percentage you want, know the cost, this is the procedure to find the markup percentage.
Subtract the decimal form of the gross profit percentage from 1.00. 
EXAMPLE: 1.00  0.33 = 0.67 
Divide 1.00 by the result in step one. 
EXAMPLE: 1.00 / 0.67 = 1.49 
Multiply the result in step two by the cost to get the retail price. 
EXAMPLE: 1.49 X $3.00= $4.50 
Or, use this worksheet:
1. Enter 1.00 

2. Enter the gross profit percentage you want in the form of a decimal (0.50, not 50%). 

3. Subtract line 2 from line 1. 

4. Divide 1 by the amount in line 3. 

5. Enter the cost of the item. 

6. Multiply line 4 by line 5. This is your sale price. 

Expressed algebraically, where "M" is the multiplier and "G" is the gross profit percentage desired, then:
M = 1/(1G)
This is a chart of the most commonly used markup percentages. To mark something up 50% remember that you multiply it by 150%. To mark something up 200%, you multiply it by 300%.
A markup of... 
will give you a gross profit percentage of... 
25%

20% 
33%

25% 
40%

28% 
50%

33% 
75%

43% 
100%

50% 
150%

60% 
200%

67% 
300%

75% 
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