The original cost is $120.
This is because the cost before the gift card was $48. This means that
[tex] \frac{2}{5} = 48[/tex]
which can be simplified to
[tex] \frac{1}{5} = 24[/tex]
by multiplying this by 5, we get
[tex] \frac{5}{5} = 120[/tex]
giving us the final answer of $120.