Creating A Valid Formula

[andrewgutz13]

Hello All,
I have a bit of a weird question. I have an e-commerce store and I have a system for finding my listing price, however up to this point it has been all guess and check. I am looking to create a formula I could use to answer the values I am getting. However I have no clue what I am doing. It seems although the formula's I create make sense but still do not add up.

As of now I guess an X value; this value is the price I will list my product for.

I subtract 20% from this value, this is due to a 20% markup for a sale that I run continuously.

Then I subtract my cost of goods and subtract an additional $2 for tax.

My goal is to end up with a profit of $10.

Like I mentioned, up to this point I just guess a value for x and check to see if it is more or less than a $10 profit. From there I can try a greater or less than X value until I am close enough to my desired profit.

As an example, lets say my cost of goods is $12.
I would guess $30 as my X value
Subtract 20% and be left with 24.
24-$12 (my cost of goods) -$2 (tax)
Equals my desired profit of $10.

Please let me know if I am doing this math correctly lol, it seems to have been working well however I cannot seem to break it down into a formula that will give me consistent results. I want to find a quicker way to solve this without having to guess and check for every listing. If you could help solve this you are a genius! Thank you!

 

[Harry_the_cat]

Ok let's see.

\(\displaystyle X - 20\% of X - Cost - 2 = 10\)

\(\displaystyle 80\% of X - Cost =12\)

\(\displaystyle 0.8X = 12 + Cost\)

\(\displaystyle X = \frac{12 + Cost}{0.8}\)

So, to find your X value, add 12 to your cost and then divide that by 0.8.

Test it out to convince yourself!

 

[andrewgutz13]

Ok let's see.

\(\displaystyle X - 20\% of X - Cost - 2 = 10\)

\(\displaystyle 80\% of X - Cost =12\)
20%
\(\displaystyle 0.8X = 12 + Cost\)

\(\displaystyle X = \frac{12 + Cost}{0.8}\)

So, to find your X value, add 12 to your cost and then divide that by 0.8.

Test it out to convince yourself!

You are an absolute genius! I have been struggling with this for weeks now lol. Thank you so much.
One more quick question if I wanted to change the sale percentage, all I would need to do is substitute the 20% correct?

Example X−( )%ofX−Cost−2=10

 

[Steven G]

Harry_the_Cat got 80% from computing 1-.20. If you want to change the %, then just compute 1-new %.
Basically what you said is correct.

 

[andrewgutz13]

Thank you so much.

 

[Harry_the_cat]

You are an absolute genius!

Don't know about that! But glad it helped!