math

If the store purchases an item at a wholesale cost of \$3.50 per item, and it is sold at a retail value of \$5.00 per item. What is the gross profit percentage of the item? (formula: gross profit percentage = [(retail - cost) divided by retail] X 100 )

1. 👍 0
2. 👎 0
3. 👁 567
1. %P = ((5.00-3.5) / 5.00)*100 = 30.

I used the given Eq, but I believe they

The % profit should be:

%P = ((5.00-3.50) / 3.50)*100 = 42.9%.

1. 👍 0
2. 👎 0

Similar Questions

1. math

A store usuall sells a certain item at 40%profit. One week the store has a sale, during which the item is sold for 10% less than the usual price. During the sale, what is the percent profit of the sotre makes on each of these

asked by tish on June 28, 2016
2. math/economics in calculus

The average cost of manufacturing a quantity q of a good, is defined to be a(q) = C(q)/q. The average cost per item to produce q items is given by a(q) = 0.01q2 − 0.6q + 13, for q >0. I know that the total cost is

asked by Jasmine on November 5, 2015
3. Statistics

In a department store there are 120 customers, 90 of whom will buy at least 1 item. If 5 customers are selected at random, one by one, find the probability that all will buy at least 1 item.

asked by Lori on September 19, 2010
4. Computer Science

"write a program that asks the user to enter the price of an item and rate of discount. If discount is 9%, display the final cost of item" What message do I display if its not 9%? Algorithms btw

asked by George on February 15, 2015
1. statistics

A production process produces an item, On average, 13% of all items produced are defective. Each item is inspected before being shipped, and the inspector misclassifies an item 12% of the time. What proportion of the items will be

asked by elizabeth on February 17, 2020
2. Writing Skills

The call number given in a catalog entry gives us what information? A. How recently the item was published B. The title and author of the item in question C. Where the item can be found within the library D. Whether or not the

asked by TYondra on April 14, 2015
3. pre calculus

A small fast food restaurant invests \$4000 to produce a new food item that will sell for \$3.50. Each item can be produced for \$2.15. How many items must be sold in order to break even? Round to the nearest item.

asked by Anonymous on November 28, 2016
4. calculus

find all extrema in the interval [0, 2pi] if y=sinx + cosx and also a certain item sells for \$30. if the cost of producing this item is given by C=.05^3 + 100, find the mariginal profit when x=10.

asked by anonymous on November 19, 2007
1. Programming Using Raptor

How do i program this into Raptor Language? print "What is the cost of the item?" input cost if ((cost >= 0) && (cost < 20)){print "The shipping is \$2.95."} if ((cost >= 20) && (cost < 50)){print "The shipping is \$3.95."} if

asked by Latrell on December 5, 2012
2. computer science

Write a program that will input an item’s wholesale cost and its markup percentage. The program will output the item’s retail price. The program should repeat for several input values. For example, if an item cost is 5.00 and

asked by Matt on March 30, 2010
3. math

Employees of a discount appliance store receive an additional 20% off of the lowest price on an item. If an employee purchases a dishwasher during a 15% off sale, how much will he pay if the dishwasher originally cost \$450?

asked by frank on September 11, 2008
4. math

Employees of a discount appliance store receive an additional 20% off the lowest price on an item. If an employee purchases a dishwasher during a 15% off sale, how much will he pay if the dishwasher originally cost \$450?

asked by Anonymous on March 3, 2009