Answer:
The selling price be $79.56 .
Step-by-step explanation:
Let us assume that the cost price be x.
As given
If the markup is $8.95 and the overhead is $4.31 .
Selling price = Cost price + Markup price + Overhead price
= x + 8.95 + 4.31
= x + 13.26
Profit = Selling price - Cost price
= x + 13.26 - x
= $ 13.26
Formula
[tex]Profit\ percentage = \frac{Profit\times 100}{Cost\ price}[/tex]
Putting the values in the above formula
[tex]20= \frac{13.26\times 100}{x}[/tex]
[tex]x= \frac{13.26\times 100}{20}[/tex]
[tex]x= \frac{1326}{20}[/tex]
x = $ 66.3
Thus cost price be $66.3 .
Thus
Selling price = $66.3 + $13.26
= $ 79.56
Therefore the selling price be $79.56 .
