to make a profit of 100% a bicycle must be sold for $240.what is the cost price of the bicycle?
- John AldenLv 74 weeks ago
half the selling price
- Beverly SLv 74 weeks ago
120.00.....................................100% profit means double the original cost. 120.00 x 2 = 240.00
- STEVEN FLv 74 weeks ago
However wrote your homework question used the wrong base.
Profit % is calculated on the SALES price, not the acquisition price.
The answer your homework wants assumes profit of 100% of what the seller paid, that means they paid half of what they sold for. From there it is 2nd grade math.
Update: Whoever gave me the Thumbs Down never took a class in retail accounting. They also didn't READ the last half of my answer where I explained what the homework question was asking for.
- amyLv 64 weeks ago
dude just divide it by 100.
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- FuhrLv 64 weeks ago