I have sold £1840 worth of product this month and have calculated £850 profit. I need to know what percentage profit I've made -can someone supply the calculation as I've glazed over -thanks!
So your costs were £1840-£850 = £990 So work your profit out as a percentage of that. Use the formula I used above. It's roughly 850 out of 1000 so it's roughly 85%. I'll let you work it out exactly. You can work either figure out- it depends what you want to show. Basically you are selling for nearly double what you pay
That gives 46.2%.
It's worth starting with rounded numbers to get a rough idea so you can check your actual answer looks sensible. If you had sold £2000 worth and made £1000 profit that would be 50%. So your 46.2% looks right
factor-fiction the £1840 is takings for the month -the £850 is the net profit after all inputs have been deducted from this figure . Basically I need to work out the profit as a percentage of the takings
So your costs were £1840-£850 = £990
So work your profit out as a percentage of that. Use the formula I used above. It's roughly 850 out of 1000 so it's roughly 85%. I'll let you work it out exactly.
You can work either figure out- it depends what you want to show. Basically you are selling for nearly double what you pay
Both answers we've given are valid- it depends on what you are wanting to show- profit as a percentage of costs (mark up) or profit as a percentage of takings
Thanks factor- fiction it looks about right. I have a good idea of what things should be but have a mental block with mathematical forumulae. Thank you for taking time to reply x
Hi dannyk- correct, but I think it's unlikely anything more than 1 or 2 decimal places is needed- and of course the figures quoted may have been rounded to the nearest pound so I think 1 decimal place is sufficient here