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