To Calculate the Cost When the Selling Price and Percent $$\operatorname { cost } = \frac { 100 \% + \text { percent of markup on cost } } { \text { selling price } }$$

True/False

To calculate the cost when the selling price and percent of the markup are known, you would use the following forumla:
​ $$\operatorname { cost } = \frac { 100 \% + \text { percent of markup on cost } } { \text { selling price } }$$