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 )

Answer 1

% Profit = ((R - C) / R) * 100%,

R = Retail.
C = Cost.

Answer 2

Linn, the Eq from your textbook might
be wrong. Please check.

% Profit=((R - C) / C)* 100% = 42.9%.