what is the store cost of an item if the sale price is $55 and the markup rate is 20%
+23253 I agree with Anon until the final step.
After calculating 20% or $55.00 and getting $11.00, I believe that you should subtract $11.00 from $55.00 to get the cost to the store of $44.00.
(This assumes that the markup rate is applied to the final price of the item and not to the original cost to the store.)
+1667 20% is 1/5 of 100%, which means that we must add 1/5 of the $55 to $55. 55/5 is 11, and 55 plus 11 is 66, which means that the new price is $66.
+23253 I agree with Anon until the final step.
After calculating 20% or $55.00 and getting $11.00, I believe that you should subtract $11.00 from $55.00 to get the cost to the store of $44.00.
(This assumes that the markup rate is applied to the final price of the item and not to the original cost to the store.)
+1667 Whoops! I accidentally thought that $55 was in need of marking up. Thanks for the correction! 
