Distinguish between gross profit as a percentage of cost and gross profit as a percentage of sales price. Convert the following gross profit percentages based on cost to gross profit percentages based on sales price: 25% and 331 /3%. Convert the following gross profit percentages based on sales price to gross profit percentages based on cost: 331 /3% and 60%. 13. Adriana Co., with annual net sales of $5 million, maintains a markup of 25% based on cost. Adrianas expenses average 15% of net sales. What is Adrianas gross profit and net profit in dollars? .