Problem:
Within a given distribution channel, the following information is available concerning trade margins and costs. A wholesaler has a unit selling price of $875 and a unit cost of $493. The retailer requires a 50% markup on selling price. The manufacturer has unit variable costs of $313.
Required:
Calculate the manufacturer's percent markup on cost. Report your answer as a percentage and round to the nearest percent.
Explain in detail and provide step by step solution.