If the sales price of a DVD is $20 and the markup on the cost is 34%, what is the cost? What is the profit? What is the gross profit margin?
a) Cost: $14.93, Profit: $5.07, Gross Profit Margin: 25.4%
b) Cost: $15.25, Profit: $4.75, Gross Profit Margin: 23.8%
c) Cost: $13.43, Profit: $6.57, Gross Profit Margin: 32.8%
d) Cost: $12.60, Profit: $7.40, Gross Profit Margin: 37%