SOLUTION: Sales = $1000 Cost = ? Markup is 40% of cost. what is the cost?

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Question 146175: Sales = $1000
Cost = ?
Markup is 40% of cost. what is the cost?
Answer by stanbon(75887) About Me  (Show Source):
You can put this solution on YOUR website!
Sales = $1000
Cost = ?
Markup is 40% of cost. what is the cost?
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Let original cost be "x".
EQUATION:
x + 0.4x = 1000
1.4x = 1000
x = $714.29
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Cheers,
Stan H.