SOLUTION: I am trying to figure out a sales math question. How do I calculate how to price a retail item that costs $29.88 for a company to buy and I want my cost of goods to be 18% on that

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Question 699826: I am trying to figure out a sales math question. How do I calculate how to price a retail item that costs $29.88 for a company to buy and I want my cost of goods to be 18% on that selling price. How do I figure out how to price that item so there is an 18% cost?
I would really appreciate your help. It's got me stumped. This question is from my sons pretest and I am unsure of how to help him.
Thanks,
Cody Newton
Answer by josmiceli(19441) About Me  (Show Source):
You can put this solution on YOUR website!
The item costs the company +29.88+
Let the selling price = +29.88+%2B+x+
You want the cost to be 18% of the selling price, so
+29.88+=+.18%2A%28+29.88+%2B+x+%29+
+29.88+=+5.3784+%2B+.18x+
+.18x+=+24.5016+
+x+=+136.12+
Selling price = +136.12+%2B+29.88+
Selling price = +166+
Taking what you say literally, this is
what I get. To check
+29.88+=+.18%2A166+
+29.88+=+29.88+
Hope I got it