Precious, Inc. is a merchandiser of a single line of golden rings. At the beginning of the? day, the shop had 10 rings in its inventory. During the? day, 3 new rings were delivered to the shop. By close of? business, only 7 rings remained in inventory.
The purchase price of each ring from the supplier is ?$282. In? addition, the company pays? $5 for shipping and delivery insurance on each ring that they purchase.
What is the? company’s Gross Profit for the day if it sells each ring for $561?