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Math Help - calculating selling price

  1. #1
    Newbie
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    Sep 2008
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    Unhappy calculating selling price

    i am trying to calculate the selling price, and think i am missing something really simple... i have the answer for the first one but that is as far as i have got. but i just need the equation (or the way to do it)

    so...

    if the cost price is 2.50 and the GP is 60% what is the selling price = 7.34

    i just dont kniow how i got that answer

    Help please

    scott.leask@googlemail.com
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  2. #2
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    Sep 2008
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    Can i see your work
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  3. #3
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    cost price = 2.50
    to achive a Gross Profit of 60% Selling price is equal to 7.34

    this is the answer i got from my GP ready reckoner but i need to show my working and hoping someone can give me a formula.

    thanks
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  4. #4
    Junior Member
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    Sep 2008
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    Quote Originally Posted by scott.leask View Post
    cost price = 2.50
    to achive a Gross Profit of 60% Selling price is equal to 7.34

    this is the answer i got from my GP ready reckoner but i need to show my working and hoping someone can give me a formula.

    thanks
    Gross Profit = Total Sales - Cost of goods sold

    Think of 100% as your starting point, because if you sell the goods for 100% of what they cost you then you make nothing and lose nothing.

    Ex.
    If Sell price = 100% of cost = 1.00 * 2.50 = 2.50
    GP = (2.50 sell price) - (2.50 cost) = 0 profit

    Anything above 100% is positive gross profit. To get 60% profit you can just add 60 to 100 in this case to make the sell price 160% of the cost.

    Sell price = 160% of cost = 1.60 * 2.50 = 4.00
    GP = (4.00 sell price) - (2.50 cost) = 1.50 profit

    Don't know where you got 7.34 but that is incorrect.
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