calculate the gross profit for an item that cost the business $20 and sold for $80.\ngross profit = $?
calculate the gross profit for an item that cost the business $20 and sold for $80.\ngross profit = $?
Answer
Explanation:
Step1: Recall gross - profit formula
Gross Profit = Selling Price - Cost Price
Step2: Substitute values
Selling Price = $80, Cost Price = $20. So, Gross Profit = $80 - $20
Step3: Calculate result
$80 - 20=60$
Answer:
$60$