33 o.j
F392k
Digitized by the Internet Archive
in 2018 with funding from
University of Illinois Urbana-Champaign Alternates
https://archive.org/details/rightwaytofigureOOfern
HetuJ - iV/ec.
The National Hardware
Association of the
United States
505 Arch Street
PHILADELPHIA
The following table shows the
percentage of cost which must be
added to effect a given percentage
of profit on the sale:
Add %
to Cost
To Make $
Profit on Sales
Add %
to Cost
To Make %
Profit on Sales
1
.99
26
20.63
2
1.96
27
21.26
3
2.91
28
21.88
4
3.85
29
22.48
5
4.76
30
23.08
6
5.66
31
23.66
7
6.54
32
24.24
8
7.41
33
24.81
9
8.27
33 K
25.00
10
9.09
34
25.37
11
9.91
35
25.93
12
10.71
36
26.47
12 %
11.11
37
27.01
13
11.50
37%
27.27
14
12.28
38
27.54
15
13.04
39
28.06
16
13.79
40
28.57
16%
14.29
41
29.08
17
14.53
42
29.58
18
15.25
43
30.07
19
15.97
44
30.56
20
16.67
45
31.03
21
17.36
46
31.51
22
18.03
47
31.97
23
18.70
48
32.43
24
19.35
49
32.88
25
20.00
50
33 %
The percentage of profit should
always be figured on the selling
price and not on the cost.
T his booklet
was originally pre¬
pared for private distri¬
bution, but has been
reprinted at the request
of a number of business
houses who desired to
supply their customers,
salesmen and house em¬
ployees with a copy.
A careful reading is
recommended in the be¬
lief that increased prof¬
its will accrue to those
who adopt in practice the
principle expounded.
tj Members can obtain
additional copies from
the Association's Office.
Domestic Engineering’s Cartoon “Pens Asinorum
2««3
® 8*°S
c. a
COO £
lUK ^
21
(-Or
i r
to 52
The Right Way to
Figure Profits
By
Thomas A. Fernley
Published by
The Commerce Publishing Company
Philadelphia
Copyright 1909-1911
Thomaa A. Fernley
Philadelphia
THE RIGHT WAY
TO FIGURE PROFITS
I T is indeed remarkable that
on such an important sub-
_ ject as the method of cal¬
culating the percentage of prof¬
its there should be such a vari¬
ance of opinion as seems to ex¬
ist, for the issue involved is vital
to the welfare of every one en¬
gaged in any form of commer¬
cial activity.
True, the vital issue is the
showing of net profit in dollars
and cents at the
Correct Method enc j 0 f the y ear
Should be , ,,
Sought when the inven '
tory is completed
and books are closed, but in or¬
der that this showing should be
satisfactory, the proper method
of figuring profits should be pur-
. sued during the year. In our
mind there should be no misun¬
derstanding as to the correct
method of calculating this most
essential element in every busi¬
ness transaction, for accuracy is
the twin brother of honesty and
( 5 )
The Right Way to Figure Profits
right methods are necessary for
the attainment of any desirable
thing.
Every man engaged in busi¬
ness ought to be able to see that
John does not
have 50% more
than James, be-
They Ought to
But Do They ?
cause James has 50% less than
John.
Yet many business men seem
to have persistently refused to
acknowledge that any per cent,
of a smaller sum is a smaller per
cent, of a larger sum —that if a
fixed sum is a certain per cent,
of a certain sum, it is a smaller
per cent, of a larger sum—or to
put it concretely, that if 25 is
25% of 100 it is only 20% of
125 and 25% increase over cost
is 20% profit on the selling
price.
An incorrect or incomplete
understanding of percentage of
profits and failure to observe the
proper method of figuring the
percentage of profit is the rock
on which many commercial un¬
dertakings have gone to pieces.
( 6 )
The Right Way to Figure Profits
Text Books
Incomplete
The subject of percentage of
profit has not been given suffi¬
cient consideration
by the school and
college text book
writers, especially from the
standpoint of business men, so
that the insufficient and incor¬
rect understanding of the ques¬
tion has led many to falsely be¬
lieve that the percentage of
profit should be figured on the
cost.
The method of figuring the
ratio of profit on the sale is de¬
clared by many who may not be
fully informed to be diametric¬
ally contrary to the methods
taught in 1 our schools, and is
therefore loudly decried by those
who now insist on using the net
cost as a base, to their conse¬
quent loss.
So that it may not be misun¬
derstood, it should be said that
it is scientifically correct to use
either the cost or the selling
price as a base in figuring the
percentage of profit, so long as
( 7 )
The Right Way to Figure Profits
it is stated on what base the per¬
centage has been calculated.
This, however, should not be re¬
garded as being in the nature
of an academic
discussion, for it
is certainly the
privilege of pro-
Strictly
a Business
Question
fessional men to hold any views
that they may prefer on this
subject; but it is hoped that they
will concede to business men the
same privilege, especially when
the method followed has such a
decided effect on the volume of
Net Profit realized from the con¬
duct of their business, and per¬
mit them to adopt that method
which most fully answers their
requirements. The idea is to
prevent men from figuring the
cost of doing business on the
gross sales and their percentage
of profit on the cost of mer¬
chandise—without appreciating
the fact that it makes a differ¬
ence.
School and college text books
refer to this question as “Per¬
centage of Gain and Loss,” and
The Right Way to Figure Profits
the initial figure or cost is used
as the base.
Some text books use as the
base a prime or net cost and
again others add a certain
amount for expenses using the
gross cost as the base. So far as
the question under discussion is
concerned the percentage of
profit should be figured on the
selling price, just the same,
whether prime cost or cost plus
selling expense is used.
Many of the examples given
refer to abstract figures, citing
such cases as the following:
“If the population of a
town increases from 30,000
to 45,000, what is the per¬
centage of gain? Answer
—50%.”
This is, of course, correct, and
Percentage of the words “gain”
Increase in and “increase”
Abstract Figures are properly used
Not the Question this connec¬
tion, but this bears no relation to
the question of percentage of
profit as applied to commercial
transactions involving money.
(9)
The Right Way to Figure Profits
With the cost as a base or 100
the text books figure that if 25%
is added the percentage of profit
is twenty-five one hundredths
( 25 /ioo) or !/4, which is equal to
25%. In this case we would
consider the cost as 100 and the
added 25% would make a total
of 125.
The selling price should be
considered as 100
per cent. (100%)
and percentage of
Selling Price
Equals 100^
profit would be 25 /, 25 or */ 5
which would be 20% profit on
the sale.
A percentage of gain or in¬
crease of many hundred per
cent, is possible,
but as percentage
of profit is on
sale, 100 per
Hundred
Per Cent. Profit
Impossible
cent, profit is impossible unless
the goods are secured free of
charge.
The percentage of profit and
the percentage of cost of doing
business should both be figured
on the same base.
First, let us consider what we
( 10 )
The Right Way to Figure Profits
use as our cost. Almost all mer¬
chants consider as cost the in¬
voice price or “prime” cost, with
Most Merchants no s e 11 i n g or
Base Figures on other expenses
Delivered Cost added, merely
figuring in the cost of delivery
to their warehouse.
All operating expenses, stor¬
age, selling, office expenses and
every other item of expense and
profit must be provided for in
the difference between this net
cost and the net selling price.
On the other hand, manufac¬
turers very generally start with
their shop or mill
cost and add to
this all the direct
outlays incident
to placing the goods in the
hands of the buyer. This in¬
cludes storage, selling expenses,
office expenses, packing, freight
and all miscellaneous expenses,
making a gross cost above which
everything is profit.
This fact accounts in a meas¬
ure for the variance of opinion
between some manufacturers
( 11 )
Manufacturers’
Cost Includes
Selling Expenses
UNIVERSITY OF ILLINOIS
LIBRARY
The Right Way to Figure Profits
and merchants on this question.
Manufacturers are prone to tell
merchants that on their line of
goods a profit of 25% is made,
when the fact is that the gross
profit is 20% on
the sale. If argu¬
ments of this na-
Don’t be
Misled
ture are properly met, a change
of method beneficial to the en¬
tire business community will be
effected.
The fact is, however, that no
matter whether the prime or
gross cost is used the percentage
of profit should be calculated on
the selling price.
Business men generally are
coming to a knowledge of the
fact that univer¬
sal convention in
an approved
method of figur¬
ing the percent-
Universal
Adoption of
Correct Method
Desirable
age of profit adapted to business
conditions, will accrue to the
general benefit of all.
Some of the more important
reasons for pursuing this
method of figuring the Percent-
da)
The Right Way to Figure Profits
on Two Items
of Capital
age of Profit on the sale are ag
follows:
In every business (we refer
more particularly to merchan¬
dizing) two separate amounts
of capital are re-
Returns Needed q U j re d. One item
of capital is re¬
quired for invest¬
ment in merchandise. Another
item of capital is necessary for
operating expenses, selling ex¬
penses and all other expendi¬
tures not properly chargeable to
merchandise account.
All the capital invested in the
business must produce a proper
return. Dividends are obvious¬
ly impossible on the entire
amount of capital invested un¬
loss all is considered in making
selling prices.
If the percentage of profit is
reckoned on the cost of mer¬
chandise only, no provision is
made for the other necessary
item of capital demanding re¬
turns.
The sales totals are always
readily ascertained, but the total
of each individual, daily and
( 13 )
The Right Way to Figure Profits
monthly cost of goods sold is sel*
dom, if ever, recorded in the
books of business houses.
Therefore, with the sales to*
tals always present and the fact
_ A _ _ T conceded that the
Total Cost Not „ ..
Accessible purpose of the
business is pri¬
marily selling, is not the sale a
proper base for all calculations,
and how could cost be considered
when it is not definitely known
by reference to sales books?
Gross costs can only be ascer¬
tained from the totals obtained
at the end of the business year,
and are not shown daily as are
the gross sales.
The amount of profits de¬
pends largely on the volume of
business, so that the percentage
of profits to sales is clearly indi¬
cative of the character of the
year’s Work.
The percentage of profits on
cost would not indicate so accu¬
rately the result of the year’s
business.
The percentage of expense of
(H)
The Right Way to Figure Profits
conducting a business may be
readily ascertained by dividing
the gross expenses by the gross
sales. As this percentage of ex¬
pense is on the sales* it is
thought best to refer to the per¬
centage of profit on the sale to
avoid any misun-
Percentage of derstanding and
Expense is
Found on Sales
consequent loss
through the use
of any other method. For in¬
stance, if you figure your per¬
centage of profit on the cost and
your overhead expenses on the
sale—you may add 25% to the
cost—with an overhead expense
of 20% on the selling price and
expect to make money. Do you ?
The fact that a profit is not
made until a sale is actually ef¬
fected further ad¬
vances the selling
price as the
No Profit Till
Goods are Sold
proper basing factor for per¬
centage of profit.
The salary or other form of
remuneration of salesmen is al¬
ways reckoned on the sale and
( 15 )
The Right Way to Figure Profits
the amount is always based more
or less on a percentage of the
sales totals.
Remuneration Mercantile o r
of Salesmen , _ .
other taxes of a
similar nature are assessed on a
certain percentage of the annual
sales.
Also if any special taxes are
levied by the state on the sales
of any special
Mercantile goods, such as re-
Taxcs volvers, drugs,etc.
the amount is always a certain
percentage of the selling price of
such items and not a percentage
of the cost.
All allowances in percentage
to customers for any reason, or
no reason at all,
are based on the
selling price.
There is the 10% allowance by
Department Stores to the clergy,
dressmakers, teachers, etc.—all
deduct the 10% from the selling
price, and they neither know of
nor care about the cost.
Certainly the astute mana¬
gers of department stores do
( 16 )
Allowances
Always on Sale
The Right Way to Figure Pro-fits
not add 10% and then allow 10%
thereby losing 1%.
The use of terms of percent¬
age in the advertisements of re¬
tailers has educated the con¬
sumer to figure percentage.
No merchant enjoying a rep¬
utation for honesty would think
of making such
In Advertising an a H ur i n g prom¬
ise as to give a
dollar's worth of
goods for fifty cents or even the
whole dollar's worth for nothing.
This probably seems ridicu¬
lous, yet such expressions as
“Let us save you 50% to 100%
We Speak of
10% off
ON YOUR CLOTHING BILLS," are
used by some business houses.
None can fail to realize what
a saving of 100% means. It
means that they
Ridiculous are g01I J g to gl ^ e
away the goods
or merchandise offered.
The consumer only has before
him the selling price, and al¬
though the merchant may be
making 200% increase over
cost on his goods, he can never,
(17)
The Right Way to Figure Profits
never make any money selling to
the consumer at a saving of
100% even if he got the goods
for nothing—in which case he
would only come out square and
at a loss of his operating ex¬
pense.
Again, through this illustra¬
tion, we see the advisability and
wisdom of figuring, talking and
thinking of the percentage of
profit as based on the selling
price—not on the cost.
The men who figure profit on
the cost price aim to prove the
correctness o f
that method by
saying:—
The Other Way—
Figuring on
Cost
“Start out with
a dollar in your pocket, and buy
two bushels of potatoes at 50
cents a bushel. Sell them at 75
cents a bushel. You now have
$1.50. You have gained 50
cents. Now 50 cents is 50% of
$1.00, and the profit is 50%.”
We are dealing with the man
who keeps books; who knows
what his sales totals are; who
has an expense account; whose
( 18 )
The Right Way to Figure Profits
This Method is salesmen look for
a compensation
equal to some
One for
Merchants
fixed percentage of their total
sales.
If our potato-selling friend in
the illustration had incurred ex¬
travagant overhead charges—
auto delivery, etc., to sell his po¬
tatoes and his selling cost would
have been 40% on the sales—his
profits would have been losses.
Some have an impression
doubtless based on an inaccu¬
rate and incom-
p 1 e t e informa¬
tion, that this
method of figur-
Only the True,
Correct Method
Being Sought
ing the percentage of profit on
the selling price is for the pur¬
pose of fooling one's self into the
belief that one is making less
money than is really the case.
This is not so. Business men
should figure the percentage
of profit on the selling price in
order to arrive at the exact truth
and to avoid fooling themselves
into believing that they are mak¬
ing money when they are losing.
( 19 )
The Right Way to Figure Profits
Result of
Figuring
Percentage of
Profit on Cost
Of course, net profit in a suffi¬
cient volume of dollars and cents
is the ultimate goal, but again
the fact may be repeated that
correct methods are necessary to
the attainment of any desirable
thing.
As an illustration of the
greater safety of figuring on
sales, especially
with untrained
minds which do
not properly dis¬
criminate, a case
may be cited where the General
Manager of a business sold an
article which cost $.80 for $1.00
and basing his percentage of
profit on the cost figured that he
was making 25%. At the end
of a given period the sales total¬
ed $20,000. The manager told a
stockholder the amount of sales
and also the percentage of profit.
The presumption was that a
profit of $5000.00 had been real¬
ized, while the books only showed
a profit of $4000.00 or 20% on
the gales.
( 20 )
The Right Way to Figure Profits
This General Manager was
doubtless like many other men
in the fact that it is necessary
for them to explain many, many
details. Then, why add one more
item to this list of things to be
explained, when useless, time-
wasting expositions could be
spared Manager and stockholder
by figuring on the selling price.
Cases have come to our notice
where arrests for defaulting
have actually been made in such
instances, and the wisdom of
figuring the percentage of profit
on the sale has been taught the
prosecutor and defendant at
considerable expense.
As a specific instance of a case
where the matter of the method
of figuring the
percentage o f
profit was re-
Percentage in the
Criminal Courts
viewed in court, it is on record
that some years since, a Phila¬
delphia cloth merchant had his
Manager (who was also his
bookkeeper) arrested for em¬
bezzlement.
The facts were that the pro-
( 21 )
The Right Way to Figure Profits
prietor had a certain line of im¬
ported goods on which he had a
fixed percentage of profit—say
25%. He figured his profit on
the cost—not on the selling price.
The proprietor went to Eu¬
rope. When he came back he
looked over the books and found
that the sales during his absence
amounted to $125,000; he
thought of the 25% profit he had
been making and thought he
should have $31,250 gross
profits.
On referring to other records
he found that he had but $25,000
gross profits; —
Ignorance Leads he figured he was
short $6250.00 in
his gross profits.
He had the manager arrested for
embezzlement. The manager
was thrown in the county prison;
an expert accountant was sent
for, and two days’ work on the
books failed to reveal any irreg¬
ularities. The expert accountant
closely questioned the merchant
as to how he came to charge the
manager with embezzlement.
( 22 )
to Arrest of an
Innocent Man
The Right Way to Figure Profits
‘Diis conversation revealed tha
startling fact that it was on the
matter of an incorrect concep¬
tion of net profits due to a false
method of figuring the percent¬
age of profit that the charge of
embezzlement was laid.
Two hours* attempted expla¬
nation, by the expert accountant,
of the matter of the methods of
calculating the percentage of
profit and an attempt to show
that any per cent, of a smaller
sum is a smaller per cent, of a
larger sum, or that 25% of 100
was 20% of 125, failed to show
the merchant where he had made
his disastrous mistake.
The accountant then sent for
a box of matches. He counted
out one hundred
Hard to Drive a matches. He then
™ n ‘ ™ r ° ugh a added 25 matches
Thick Skull .
for the 25% profit
that the merchant talked about.
Then said he, “We will suppose
that these 125 matches equal the
amount of your sales, $125,-
000.00 as you saw when you
( 23 )
The Right Way to Figure Profits
came home from abroad. You
believed you were making 25%
profit. You did not think
whether this percentage was on
the cost or on the selling price.
“You possibly thought, in
common with a great many
other merchants, who have
given the matter no considera¬
tion, that it made no difference—
but, Sir, you went to your sales
account, or to these 125 matches,
you took therefrom 25% of the
amount of your sales, $125,000,
and, in so doing, you went into
your cost 6% matches, or $6250.
“In other words, you calcu¬
lated you had 25%—31*4—
($31,250.00) on the 125 matches
or $125,000, whereas you had
made a gain of this 25% not on
$125,000 but on $100,000—you
had only made 20% on the $125,-
000 or $25,000, so the best thing
you can do is to get this mana-
ager out of jail
and make amends
to him as best
A Costly
Lesson
you can.”
The merchant saw his mistake
( 24 )
The Right Way to Figure Profits
and forthwith secured the re¬
lease of the bookkeeper from
prison, but incidentally paid
$2,500 damages for false arrest
and imprisonment.
In a recent series of articles,
u The New Gospel of Efficiency,”
Mr. E. St. Elmo Lewis, adver¬
tising manager of Burroughs
Adding Machine Co., Detroit,
said:
“A retailer was buying shirts at
$1.00 a piece. I asked him how much
it cost him to do
business. He said
he thought 25%
would cover it. I
asked him what he
Prominent
Expert Figures
Only on Selling
Price
thought he would make on it; he said
he marked it up for 20% profit and
his price was $1.45. His price should
have been $1.81 to make a 20% profit.”
This statement from a promi¬
nent official of a company mak¬
ing wonderful calculating ma¬
chines, and whose daily work
has to do with the various
methods of correct and rapid
figuring, would surely not be
based on any method except the
right one.
Furthermore, the method of
( 25 )
The Right Way to Figure Profits
Figure on
Selling Price
figuring the percentage of profit
on the selling price is followed
and insisted upon
Busmess Houses j^y thousands of
manufactur¬
ing and mercan¬
tile houses throughout the coun¬
try, who only advocate methods
which are absolutely correct
and in accord with sound busi¬
ness practices.
From an article printed some
time ago we quote as follows:
“You will find in
every arithmetic
such examples as:
A man buys a
horse for $50 and sells him for
$75, what percentage of profit
does he make? Answer, 50%.”
No more fatal and misleading
ones were ever penned. They
lead us to think of the percent¬
age of profit from an unbusiness¬
like stand-point, and cause many
business men to think they are
making much larger profits than
they really are. This m^kes
them prodigal of expense and
often leads to a failure, which
( 26 )
“Arithmetic
Method* *
Misleading
The Right Way to Figure Profits
with a more thorough knowl¬
edge of percentage could have
been avoided.
Suppose a man to have in con¬
templation the sale of a horse
on the basis of the above trans¬
action. A broker approaches
him and offers to conduct the
negotiation. He asks a commis¬
sion of 33 1-3%.
Now, the owner of the horse,
having a profit of 50% in sight,
„ . „ agrees to this,
Wrong Method and the br ° ker ’
having complet¬
ed the transaction, renders a bill
as follows:
Sold one horse at.$75
Commission, 33 1-3%.-25
Due seller.$50
The seller's books would show
a profit of 50% entirely eaten
up by a commission of 33 1-3%.
Not good figuring, is it? Still
that is the way nine-tenths of
our smaller merchants figure,
which fact often accounts for
their being small.
Always figure your profit on
(27)
The Right Way to Figure Profits
the sale. Then you will be on
, . the safe side. To
Safe Side obtain the cor¬
rect percentage
of profit on any transaction sub¬
tract the cost from the selling
price, add two ciphers to the
difference, and divide by the
selling price.
EXAMPLE NO. 1
An article costs $5 and sells
for $6. What is the percentage
of profit? Answer, 16 2-3%.
Process—Six dollars minus $5
leaves $1, the profit. One dol¬
lar divided by $6,
Process of decimally, gives
Figuring the correct an¬
swer, 16 2-3%.
This operation is simple and
a knowledge of it being vital to
any one engaged in, or intending
at any time to engage in busi¬
ness, it should be carefully com¬
mitted to memory and constant¬
ly borne in mind.
EXAMPLE NO. 2
An article costs $3.75. What
must it sell for to show a profit
( 28 )
The Right Way to Figure Profits
Analysis of
Figures
of 25% ? An¬
swer, $5.
Process — De¬
duct 25 from 100. This will give
you a remainder of 75, the per¬
centage of the cost. If $3.75 is
75%, 1% would be $3.75 divided
by 75 or 5 cents, and 100%
would be $5. Now, if you mark¬
ed your goods as too many do,
by adding 25% to the cost, you
would obtain a selling price of
about $4.69, or 31 cents less
than by the former method.
Which is right?
When you take 25% off the
selling price, figured according
to the first rule, you will still
have your cost intact. Take
25% from the second sum and
see if the cost remains.
A large department store
changed hands. The goods in
stock, to cover '
freight and other
Great Merchant
Shows Ignorance
charges were
marked up 10%. They were to
be sold at actual cost, but for
convenience sake were invoiced
as marked. The inventory hav¬
ing been completed, nothing re-
( 29 )
The Right Way to Figure Profits
mained to be done but take off
the 10% that had been added.
The parties to the sale accord¬
ingly approached the accountant
having the matter in charge
with a request that this be done.
The man of figures set about
making an elaborate calculation
with this object in view, when
he was questioned by the seller
as to what he was doing.
“Reducing the goods to cost,”
he answered.
“Nonsense! Just take off
10%,” said the seller.
“Do you want it done that
way?” asked the accountant.
“Why not?” said the mer¬
chant.
“Well, just add 10% to a dol¬
lar and from the amount thus
obtained deduct 10% and see if
you have your original dollar
left.”
The merchant saw the point
at once and said no more to the
man of figures, who was saving
him more than $3,000 which he
would have lost on account of a
lack of knowledge of percentage.
( 30 )
The Right Way to Figure Profits
Eight Reasons why the Percent¬
age of Profit should be Figured
on the Selling Price and
not on the Cost.
First — Because the
remuneration of sales-
mt men is figured on a cer¬
tain percentage of the
Selling Price.
Second —Because the
percentage of expense
of conducting business
is based on the Selling
Price. If you talk per
cent of profit on cost and per cent, of
expense on the selling price, where are
you?
Third —Because the mercantile and
other taxes are invariably based on a
percentage of the Gross Sales.
Fourth —Because the Sales Totals
are always given in books of record—
Cost Totals are seldom, if ever, shown.
Fifth —Because a profit must be
provided for two items of capital—<
one the capital invested in merchan¬
dise—the other the capital necessary
for operating expenses and other ex¬
penditures not properly chargeable to
merchandise account. This is only
possible by figuring profit on the
Jelling Price.
Sixth —Because it indicates cor¬
rectly the amount of gross or net
profit when amount of Sales is stated
(31)
The Right Way to Figure Profits
The percentage of profits on sales is
indicative of character of result of
years' business—percentage of profit
on cost is not.
Seventh—B ecause allowances in
percentage to customers are always
from the Selling Price.
Eighth—B ecause no profit is made
until Sale is actually effected.
The following Table shows the per¬
centage which must be added to cost
to effect a given percentage of profit
the Selling Price:
Add to
To Make on
Add to
To Make on
Cost
Selling Price
Cost
Selling Price
5%
424%
31.58
24
754
7
33 1-3
25
10
9
35
26
ii.il
10
37 54
2754
12.36
11
40
28A
1254
li X
42.86
30
13.63
12
45
31
14.94
13
47
32
16.28
14
50
33 1-3
16 2-3
1454
53.85
35
17.65
15
55
3554
19.05
16
60
3754
20.00
16 2-3
65
3954
20.49
17
66 2-3
40
21.96
18
70
41
23.46
19
75
4224
25
20
80
4454
26.58
21
85
46 .
28.21
22
90
4754
29.88
23
100
50
( 33 )
TABLE FOR FIGURING NET PROFITS
If your cost of doing business figured on sales is represented by one of these figures
in
CM
*
— i
LO
§
©
rH|m
©
—l|(N
CM
Cott¬
le
F<
©
©
CM
SO
so
o
Hi>
4*
»nfeo
©
©
colt-
00
FH
©
©
CO
CM
v»
o
1 — 1
CO
CM
w
»-<|CC
o
fh
rH|c\
FH
vOK
o%
FH
C>
©
CM
N
so
CO
o
«V*
CO
CO
»h|co
fn
r-l|N
©
a*'
O
©
«
©
FN 5
CM
so
so
o
**
CF
fH|cO
CM
—■*
|-||<M
<D
FM
tD(l'
*-*
CM
©
©
©
PM
o
o
in
oo
rH|eo
©
l"H
t-
—H
CM
CM
o
©
©
FH
©
O*
ih}co
FH
-<|<N
©
CO(t-
cn
©
FH
cn
'
00
-N
CM
1 ^<Jt-
o
FH
r-<|cO
W
FH
ri|C<l
©
»■*
co(t—
PM
©
©
r—
FH
CO
©
F-Q
ti]eo
©
H
rH|N
O
©
coit-
in
CM
©
©
©
FH
'd'
©
■^tt-
CM
fh
Heo
P-
•—>|0^
CM
COjb-
©
CM
Tp
©
in
FH
in
o
FH
CO
FH
th|«
©
HN
©
CM
to(t-
P*
CM
©
©
F^
©
F*
FH
M*|t-
FS
iHkc
©
r-l|C1
©
CM
«5(t>
©
CM
©
©
CO
FN
t-
CM
FH
W
FH
»—ifso
©
CM
Hn
4t
CM
tO|t'
©
CM
r-
©
CM
FH
©
CO
i ^
©
— H
H<o
FH
CM
riieq
©
CM
to{t>
©
©
©
©
F*
FH
©
H
FH
—t|co
CM
CM
i-l|M
©
CM
<o|t-
FH
cn
©
FH
o
fh
tf>
! ^
‘ T^|b-
00
FH
—||M
©
CM
H(N
t-
©
<©|l>
©
©
§
©
CM
i-h|co
M
©
o
4p
O
©
©
©
©
1—
©
o
9 o *S t> «
© r. « q. o>
JT -a ° « « >
^*2o«2a©~
22©aJa«-a«
8 M O w s -a
v
►
M
F
s»
c
"*5
©
6
C2 ’
o S
3
S rt
5 w
0
CJ
0
<-> c
!r o
a S
vr» 1»
U
>
©
>
p
VC Q«
p CM
V
Jr V
Oi *~
ft
4— 1 O
Li
+■*
C «
«p
Pi
P ^
0
o ta
>> 2
3
*r o*
© w
0
O dj
u S
•rH
•M
CJ
P »-
S o
3
JO ¥
P3 ^
3
S ©
•i—i
QJ O
o u
A
L- QJ
ft o
+-*
\S~\ rz
04 w
•M
S
cd
5
QJ U
<u
u
C i—
13 QJ
<8
3
^ s
r3
<3
s "*
u
3 c.
o--
£
■a r
+J
>i
c -fc
rt o
© rt
QJ Q
Si
S §
T3
©
©
o ti
V
•M
3
5 3
QJ
O QJ
>%
tn
., , L—
QJ
o Si
4- 01
D.
ft 00
QJ rH
V
CJ
i- .23
u
AS
(ft
- s
•PF
.3
©
•2 ^
«3
0
© 04
e -S
u
a-8
ft
b4
•p
ft ©
V
O 3
3
•° 1-
*tr 3
<P
o o
4— 1 l^l
0
©
O u-i
O
Qi
Tan
u*
ft .
O a
cd
* S
4-1
u- p
3
PH Kj)
1 5
<u
c *9
y
0 <u
L
•F -ft
4-> P*
y
2 a
ft
S a
Vi
3
•ft 6=
*-2
u «
0
©
COURTESY OF SUTLER BROS.
3 0112 0728075