Bill's Furrier marks up mink coats $3,000. This represents a 50% markup on cost. What is the cost of the coats?

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The correct answer is $6000.00

Let us assume the original price of the coats before mark up = x

Cost of the coats after mark up = $3000

Percentage of mar up on the coats = 50%

Then

150x/100 = 3000

150x = 300000

x = 300000/150

= 2000 dollars

From the above deduction, it can be concluded that the actual cost of the coats were $2000. I hope the procedure is clear enough for you to understand.