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Know How
There are two answers to this. You can have Margin % which is Profit as % of sales (£13/£15x100 = 86.7%) and Mark Up which is Profit as % of cost (£13/£2x100 = 650%).
650% sounds a heck of alot more than 86.7% so retail companies talk margin. Hope that helps.
Raffles
Your gross margin is £13
It can be expressed as a % of sales ie margin %
or a as a % on cost ie mark up %
margin to turnover ratio = margin/selling price = 13/15 = 86.7%
mark up = 13 as a % of 2 = 650%
there are your answers
richardwales79
650% profit!
g.m
£13 = 650% of £2
Time is nigh
Who cares thats a £13.00 profit :)
alatoruk
3 ways of looking at this -
1 - you have made £13 profit, divided by the original £2 is 650%
this is sometimes referred to as "margin"
2 - you have sold it for 750% of the buy price
this is sometime referred to as "mark-up"
3 - if it was a business with a turnover of £15 and profit £13 then they would have made 86.67% profit (£13/£15).
This is what is usually referred to as "profit"
mike-from-spain
650% as you have made 13.50 selling at 750% of its original price.
Franco
Difference in price/ original price %
(15 -2) / 2 = 6.5 or 650%
Professor
650% gross profit. If your expenses in selling it are £12 then you have made £1 net profit which is £1 divided by £15 percentage net profit - whatever that is
I think the answer is 650%. This is how I worked it out. You've made a profit of £13 on an original spend of £2. Therefore you need to ask - what is 13 as a percentage of 2? If you divide 13 by 2 (= 6.5) and multiply it by 100 you get 650. That's the percentage.
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