I work in retail and I’m trying to save time! I need to take cost and add on a percentage say 25% then round it either up or down to the nearest 9. Such as cost 1.20 add on 25% - 1.60 then either go to 1.59 or 1.69 please help this has been driving me crazy!
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Round to a certain number
- Thread starter Rushed2
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igold
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Assuming that you are talking about a Markup as opposed to a Gross Margin, try putting this formula in the cell where you want your answer to appear:
Excel Formula:
=IF(I2=0,0,(ROUND((G2*(1+I2)),1)-0.01))
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Solution
Scott Huish
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How did the provided answer not work?
A 25% increase from 1.20 would be 1.50. If $1.49 is what you went the suggestion to work or did you want add 9 cents to take it to $1.59
Examples with expected results would help.
A 25% increase from 1.20 would be 1.50. If $1.49 is what you went the suggestion to work or did you want add 9 cents to take it to $1.59
Examples with expected results would help.
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I wasn’t able to get the correct markup using the formula provided. However I used my normal formula in one cell, then I used the =(roundup formula and it worked as I needed! A thank you to everyone! I’m am super happy!
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igold
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Although the real question here was how to round a number so that it ends in 9, and I think you got that.
The problem was that you were using the term Markup when you should have saying Gross Margin. You are solving for Gross Margin Percent, not adding a Markup. First let me say that I was a General Manager of some large retail stores (in another life cycle). What you are attempting to do is to find the selling price of an item, given your Cost and your desired Gross Margin.
Just to go through the basics: Gross Margin = (Retail-Cost)/Retail or Gross Margin = Profit/Retail. If you know the cost and you know what you want you want your Gross Margin to be then that formula is:
Retail = Cost/(1-Gross Margin).
In your example it is as follows: 1.2/(1-.25) which equals 1.6. 25% is your Gross Margin Percent, not your Markup.
As an example of the difference between Gross Margin and Markup. if an item costs me 50 and I sell it at double that price (a 100% markup), the Gross margin on that is 50%.
See my post #5. I had expressed that fear.
The problem was that you were using the term Markup when you should have saying Gross Margin. You are solving for Gross Margin Percent, not adding a Markup. First let me say that I was a General Manager of some large retail stores (in another life cycle). What you are attempting to do is to find the selling price of an item, given your Cost and your desired Gross Margin.
Just to go through the basics: Gross Margin = (Retail-Cost)/Retail or Gross Margin = Profit/Retail. If you know the cost and you know what you want you want your Gross Margin to be then that formula is:
Retail = Cost/(1-Gross Margin).
In your example it is as follows: 1.2/(1-.25) which equals 1.6. 25% is your Gross Margin Percent, not your Markup.
As an example of the difference between Gross Margin and Markup. if an item costs me 50 and I sell it at double that price (a 100% markup), the Gross margin on that is 50%.
See my post #5. I had expressed that fear.
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