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Any Mathematical Geniuses' out there?

I have lost the will to live. My daughter said that if I have a thirty per cent mark up on my products; how much do I need to sell to make 200GBP.
I am convinced that the answer is 153.84 GBP. I did this in the most painstakingly way possible by process of elimination.
Does anyone know the correct formula for doing this. I am sure it can be done by a few strokes of a pen or pushing a couple of buttons on a calculator.
Gone for a lie down.
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Comments

  • Am I being simple or is it 200 / 1.3 = 153.84615

    the .3 being 30%
  • You're right in that £153.84 * 1.3 = £200 (approx) but if you sell £153.84 of your product at £200 then you've only made £46.16 haven't you.
    So you need to sell 4.333 lots of your product (costing £666.58 to get you £866.60 and therefore MAKE £200)

    E&OE :)
  • edited August 2014
    You need to sell £667 worth of product for £867.

  • My god. You lovely person.
    I feel a bit thick now, but I do not mind!
  • surely its £666.66 to make £200
  • Nah... confused
  • Cheers guys.
  • If £200 represents 30% then 100% = £200 x 100/30 = £666.67

    @Brunello - spot on!
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  • Dont ask Steve McLaren... After X team scores 3 and his team scores 2... he thinks the team that score less are better!!
  • Remember the difference between Mark-Up and Margin......
  • Henry's VAT calculator reminds us that if you've sold £867 of stuff, then only £722.25 will come to you with the rest going to HMRC. So, you've made less than £200.
  • bobmunro said:

    If £200 represents 30% then 100% = £200 x 100/30 = £666.67

    @Brunello - spot on!

    This!

  • PL54 said:

    Remember the difference between Mark-Up and Margin......

    Very true - I read it as margin.

    If 30% is the margin then 200 x 100/30 = £666.67 is correct

    If 30% is the mark-up (which was the question) then the margin is 30% of 130% of cost = 23.077%

    The calculation would then be 200 x 100/23.077 = £866.67 as others have said.
  • Pettgra , if you've got an ipad / smart phone you can get an app called Margin Ninja , put in whether the product has Vat or not , put in the cost price & then the retail price and then it will give you a margin.
  • SALES £866.67 (to nearest penny) (130%)

    PURCHASES £666.67 (to nearest penny) (100%) - 30% mark up on this

    PROFIT £200
  • LenGlover said:

    SALES £866.67 (to nearest penny) (130%)

    PURCHASES £666.67 (to nearest penny) (100%) - 30% mark up on this

    PROFIT £200

    This is correct - a 30% Mark Up.

    If you wanted £200 to represent a 30% Margin then you would have Sales of £666.66 and Purchases (Cost of Sales) as £466.66 (excuse rounding errors) - This would of course equal a 42.85% Mark Up.
  • No, still confused...
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  • Algebra does the job:

    x * 130 / 100 = x + 200

    Multiply both sides by 100

    130x = 100x + 20000

    Take 100x from each side

    30x = 20000

    x=20000 / 30 = 666.67

    QED
  • edited August 2014
    cafcfan said:

    Henry's VAT calculator reminds us that if you've sold £867 of stuff, then only £722.25 will come to you with the rest going to HMRC. So, you've made less than £200.
    Not if you're Starbucks, Amazon or Vodaphone.

    To make a £200 profit with them, you actually need to show a loss of £667.

  • Cheers guys very useful indeed. It is pretty apparent that Charlton supporters are smarter than the average bear.
  • It's 41.
  • pettgra said:

    Cheers guys very useful indeed. It is pretty apparent that Charlton supporters are smarter than the average bear.

    Just dont ask them the answer to 40+40x0+1
  • It's 41.

    42 surely?
  • Ha ha - Callum thinking along the same lines as me.
  • Addickted said:

    cafcfan said:

    Henry's VAT calculator reminds us that if you've sold £867 of stuff, then only £722.25 will come to you with the rest going to HMRC. So, you've made less than £200.
    Not if you're Starbucks, Amazon or Vodaphone.

    To make a £200 profit with them, you actually need to show a loss of £667.

    Even the best legal and accounting minds at these esteemed organisations cannot get out of paying VAT!
  • HMRC don't do VAT though - isn't that Customs and Excise?

    And aren't books VAT free? (Amazon)

  • edited August 2014
    Addickted said:

    HMRC don't do VAT though - isn't that Customs and Excise?

    And aren't books VAT free? (Amazon)

    HMRC (Her Majesty's Revenue And Customs) is the modern amalgum of the old Customs and Excise (VAT) and Inland Revenue (PAYE, Corporation tax etc)
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Roland Out!