7. Jack has his new ATM business up and running. Customer interest has been high. He has employed several experienced sales people in hopes of a rapid expansion. Jack has negotiated a deal with the manufacturer where the cost of the ATM machines will be $2,000 each. He has estimated freight and delivery expenses to be $200 and has allowed $400 for installation labor. He thinks the machines will sell for $5,000 each. He holds training sessions for the sales personnel and gives them wide latitude to negotiate with customers, particularly those who purchase large volumes. Sales were brisk over the first few months, but Jack sensed that the salesmen were allowing too many discounted deals. When he began to analyze the numbers for the first six months, he found that the actual sales prices were averaging about $4,350. Moreover,

the installation labor turned out to be $75 higher per unit than

he had planned. What was Jack's planned and actual gross profit margin percent

for the first six months?

Planned______________________ Actual ________________________