A retailer prices an item so that the markup amounts to 80 T

A retailer prices an item so that the markup amounts to $80. This is 48 percent of cost. What are the retail and cost figures?

Let cost price be C, Retail (Selling) price be R.

Then Markup, M = |R - C| = $80

M is 48% of C.

=> M = 0.48 * C = 80

=> C = 80/0.48 = $500/3

Cost Price = $500/3 = $166.6667

R = M + C = 80 + 500/3 = $740/3 = $246.6667

Retail = $246.6667