SOLUTION: jim is able to sell a statue for 670.00 which was a 35% profit. How much did the supplies cost him? I am thinking my work sheet is wrong..it tells me the answer is A.$496.30. 65%

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Question 196814: jim is able to sell a statue for 670.00 which was a 35% profit. How much did the supplies cost him? I am thinking my work sheet is wrong..it tells me the answer is A.$496.30. 65% of 670=435.50 ??right and 35% of 670.00 is 234.50? Please help.
Found 2 solutions by Mathtut, stanbon:
Answer by Mathtut(3670) About Me  (Show Source):
You can put this solution on YOUR website!
let x be the orginal cost
:
670-x=.35x
:
1.35x=670
:
x=496.3
:
remember sales price -cost=profit....the 35% is based on the cost.....he made 35 % over and above the cost
:
you could write this as x+.35x=670

Answer by stanbon(75887) About Me  (Show Source):
You can put this solution on YOUR website!
jim is able to sell a statue for 670.00 which was a 35% profit. How much did the supplies cost him? I am thinking my work sheet is wrong..it tells me the answer is A.$496.30. 65% of 670=435.50 ??right and 35% of 670.00 is 234.50? Please help.
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A is the correct answer:
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Equation:
x + 0.35x = 670
1.35x = 670
x = 670/1.35
x = $496.30
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This is the cost of the statue before Jim added 35% to
the cost so he would make a profit.
The problem is wrong to say this is the cost of the
supplies.
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Cheers,
Stan H.