The cost of the frying pan is $10.12.
Given that,
- The selling price of the frying pan is $12.95.
- And, there is the markup percentage of 28% on cost.
- Here we assume the cost price should be x
Based on the above information, the cost should be determined by using the following formula:
Markup percentage = (Selling price - cost price) ÷ cost price
28% = ($12.95 - x) ÷ x
0.28x = $12.95 - x
0.28x + x = $12.95
1.28x = $12.95
x = 10.117
= $10.12
Therefore we can conclude that the cost of the frying pan is $10.12.
Learn more: brainly.com/question/13910351
