an item selling for 46.40 was mark to obtain a gross profit of 45% on cost find the cost of this item

32

Explanation:

Using Formula

Cost + (Cost*Margin) = Selling Price

Cost is not known ...

Cost (1 + Margin) = Selling Price

Cost = Selling Price / 1 + Margin

Here, Margin is 0.45 of cost and selling price is 46.4

Cost = 44.4 / 1.45

Cost = 32