AIM: How can we find percents of numbers using alternate methods?
HW: Markup, Discount, Tip Worksheet #1-6 (use NEW method and one other old method)
Do Now: A clothing company makes a shirt for $22. They markup the shirt 80% to get the selling price. How much should they sell the shirt for? Explain your reasoning.
Announcement: We will be conducting a restaurant activity at the end of this week. Please gather take-out/dine-in menus to bring in for Wednesday.
Classwork: We extended our understanding of finding percents and used a new way to find markup. As discussed in previous classes, markup is an amount added to the cost of an item to get a selling price. We looked at situations in which the cost of the item as a percent is added to the markup percent to get the percent that includes the markup.
Example: A necklace costs a store $13. The store marks it up 80%. How much does the store sell the necklace for?
Old Method: Markup Amount Cost + Markup = Selling price
13 x .80 = $10.40 13.00+10.40 = $23.40 <--selling price of necklace
New Method: $13 represents 100% of the necklace, so 80% markup + 100% cost = 180% (cost+markup)
180% = 1.8 (by moving decimal two places to the left)
13 x 1.8 = $23.40