What is the correct statement about markups based on cost, Accounting Basics

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What is the correct statement about markups based on cost

Question: Which of these is the correct statement about markups based on cost? Multiple choice question. Percent markup on cost recognizes that cost is 100% and represents the base of the portion formula. To calculate percent markup on cost we use the basic formula: Selling Price = Cost - Markup. Percent markup on cost recognizes that selling price is 100% and represents the base of the portion formula.

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Accounting Basics: What is the correct statement about markups based on cost

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