suppose you sold 22 items at a retail price of $34.99 each. the cost of each item is $25.01. what is the gross profit percentage for all 22 items?

Question

Steps on how to solve please.

Answer 1

So, gross profit is how much money you made, meaning, your total sales minus total cost.  That's what you must solve for and then represent it as a percentage of your sales.

 

$34.99 retail price/item * 22 items = $769.78 in total sales

$25.01 manufactured price/item * 22 items = $550.22 in total cost

 

$769.78 - $550.22 = $219.56 in profit

 

$219.56 / $769.78 * 100% = 28.52% gross profit percentage (this is rounded to the nearest hundredths)