In Excel, the cost price is calculated using the following formula:
Cost Price = selling price - markup percentage
For example, if a product has a selling price of $100 and a markup percentage of 20%, the cost price would be calculated as follows:
Cost Price = 100 - (20% x 100)
= 100 - (0.2 x 100)
= 80
Therefore, the cost price of the product is $80.