calculate the gross profit margin for an item that cost the business $66 and sold for $100.\ngross profit =…
calculate the gross profit margin for an item that cost the business $66 and sold for $100.\ngross profit = $34\ngross profit margin = ?%
Answer
Answer:
34%
Explanation:
Step1: Recall margin formula
Gross Profit Margin = $\frac{\text{Gross Profit}}{\text{Revenue}}\times100%$
Step2: Identify values
Gross Profit = 34, Revenue = 100
Step3: Calculate margin
Gross Profit Margin = $\frac{34}{100}\times100% = 34%$