To manufacture a dining set, it costs \( \$ 1,400 \). If the desired percent markup based on cost is \( 85 \% \), how much should each dining set sell for? Select one: a. \( \$ 1,610.00 \) b. \( \$ 2,590.00 \) o c. \( \$ 1,647.06 \) o d. \( \$ 3,235.00 \)

To find the selling price for each dining set, you first need to calculate the markup amount. An 85% markup on a cost of \( \$ 1,400 \) is calculated as: \[ \text{Markup} = \text{Cost} \times \text{Markup Rate} = 1,400 \times 0.85 = 1,190 \] Now, add this markup to the original cost: \[ \text{Selling Price} = \text{Cost} + \text{Markup} = 1,400 + 1,190 = 2,590 \] So, the selling price should be \( \$ 2,590.00 \), which corresponds to option b. Making pricing decisions can be quite exhilarating, especially with the right calculators and strategies! Just remember, it’s always wise to keep track of overhead costs and market competition when setting your prices. Staying competitive keeps your dining sets flying off the shelves!