To calculate the gross profit for an item that cost the business [tex]$18 and sold for $[/tex]50, follow these steps:
1. Identify the cost price: The cost price of the item is [tex]$18.
2. Identify the selling price: The selling price of the item is $[/tex]50.
3. Calculate the gross profit: Gross profit is determined by subtracting the cost price from the selling price.
[tex]\[
\text{Gross Profit} = \text{Selling Price} - \text{Cost Price}
\][/tex]
4. Substitute the given values:
[tex]\[
\text{Gross Profit} = \$50 - \$18
\][/tex]
5. Perform the subtraction:
[tex]\[
\text{Gross Profit} = \$32
\][/tex]
Therefore, the gross profit for the item is $32.
