Main Task: Skylar and Chloe’s Cost of Goods Sold is $3.46. That means that each jar costs them $3.46 to make. Use their website to find out how much they sell each jar for.
http://www.kidscancookgourmet.com/
Then, watch this video clip to learn about how to calculate profit and loss. You only need to watch the first 2 minutes and 30 seconds.
http://www.kidscancookgourmet.com/
Then, watch this video clip to learn about how to calculate profit and loss. You only need to watch the first 2 minutes and 30 seconds.
Using what you’ve learned about calculating profit, figure out how much profit is made on each jar of sauce sold.
Extension: Profit margin, the distance between the Cost of Goods Sold and the selling price, is usually stated as a percentage. For example, if it costs me $1 to make a product, and I sell it for $4, my profit margin is $3, or 75%. In other words, $3 out of $4 is 75%.
Using what you know about calculating percentages and the example provided, figure out what Skylar and Chloe’s profit margin is, as a percentage, and be prepared to share your thinking with others!
Using what you know about calculating percentages and the example provided, figure out what Skylar and Chloe’s profit margin is, as a percentage, and be prepared to share your thinking with others!