Markup on cost: 24%
Selling price: $39.70
Explanation:A percent is a ratio with a base of 100. The word "percent" literally means "per 100", or "divided by 100". The symbol (%) is a shorthand symbol for /100 (divided by 100).
So, any percent is a ratio exressed using 100 as the denominator. An easy way to find it is to perform the division (find the ratio as a decimal), then multiply by 100%.
You want markup as a percentage of cost, so ...
... markup/cost × 100% = 7.80/31.90 × 100% ≈ 0.244514 × 100%
... ≈ 24.45% ≈ 24% . . . . (rounded)
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Of course, the selling price is the total of the cost price and the markup:
... selling price = cost price + markup
... = $31.90 + 7.80 = $39.70
**FINANCE** Indicate whether the variance is favorable (F) or unfavorable (U).
Budgeted Income Amount $500.00
Actual Amount $400.00
When actual income is less than the budgeted amount, the variance is ...
... (U) unfavorable.
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In most cases, it is a favorable situation to have more income than planned for. On the other hand, if you planned on spending the budgeted amount, but your income fell short, you end up in quite an unfavorable situation.