Answer:
$51.61
Step-by-step explanation:
Step 1: Find the markup percentage in decimal form.
The item was marked up by 55%, which can be written as 0.55 in decimal form.
Step 2: Calculate the price before markup.
To find the price before markup, we can divide the price after markup by 1 plus the markup percentage in decimal form.
$80 / (1 + 0.55) = $51.61
Step 3: Calculate the cost.
The cost is the price before markup, so the cost of the item was $51.61.
Therefore, the dollar amount of the cost was $51.61.
