Question: can i please get assistance on how to solve this...
Can I please get assistance on how to solve this problem?
Exercise 3-23 (Part Level Submission)
Suppose according to a March 3, 2012, EETimes.com article, Apple enjoyed a 53% gross margin on its iPad2 when it was first released in March 2011.
Given that the iPad2 sold for $632.00, what was the cost to make it, assuming the 53% gross margin?
In March 2012, the second year of production, the cost of producing an iPad2 fell to an estimated $247.31. What markup percentage would Apple need to use to maintain its $632.00 sales price? (Round answer to 1 decimal place, e.g. 25.2%.)