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Easy. Who is going to buy them? Gunslingers are meant to be rare. Besides, the GM should give NPC Gunslingers (the only potential market for such a scheme) either direct or indirect access to the same feat, thus negating any demand.
Player: "I spend a week crafting 1000 gp worth of bullets. It only costs me 100 gp. I go to town and sell them."
GM: "Yeah. You sit around town all day long at your booth in the market. One Gunslinger comes by about an hour before sunset. 'I'll give you 125 gp for the lot of them. That's the price my friend in yonder village charges me.'"
Meanwhile...
Fighter, Wizard, Cleric (to Gunslinger): "Man, you should've been there! We found a dragon's lair, killed the beast, and took his hoard! Look at all this loot! It was legendary! How did your yard sale go?"
The thing is, someone has to buy the items in order for the PC to make a profit. If there is only one or two people in town who own a gun(this depends on the whether or not Guns are at Emerging. See UC) it isn't much of a problem at all.
Edit: Ninja'd by a fox.
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Yup, as others note, the issue with this is that, unless the GM specifies that there is someone in town who both uses guns and is not a Gunslinger, there's nobody to buy them. And even if the GM says there is...how much ammo is he gonna buy? 100 rounds at most? That makes less than a 1k gp profit. It's a nice windfall...but hardly gamebreaking, and only available when the GM so declares (which he's unlikely to at 1st level).
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Well, you can sell only what GM is willing to buy.
Well since he's a Gunslinger it would be appropriate to have the townsfolk introduce him to the local tradition of traveling by rail if he insists on wrecking their economy.
For the rules lawyers who don't like the GM fiat aspect of "sorry, no one will buy those" there's also the purchase limit of the settlement. This puts a hard limit on what any store is willing to buy.
Also rules lawyerey, gunsmithing let's you CRAFT the bullets, selling them would fall under profession: merchant. The profession roll would then give a gp value of earned income, letting you know how many bullets were actually sold that day. Remember that selling for most adventurers is akin to what you see on Pawn Stars, walking into a shop and negotiating a price that the shop owner is willing to pay. Setting yourself up as the local gunsmith is a little different, and mechanically better handled through the profession skill.
The feat just let's you make and repair the items. Why wouldn't it require a craft skill like any other item, even if it was just a weapon smithing roll?
The prices given for various items are suggestions for typical values, not hard and fast rules carven in stone. The Gunsmith feat isn't meant to give gunslingers a route to "easy money", it's meant to set apart those who craft guns and ammunition from the rest of the common herd. Schemes to make a fortune selling guns and ammunition need to consider the numerous real-word obstacles to such a scheme:
* Limited resources will drive up the gunslinger's costs once he begins large-scale production. Instead of crafting for 10%, his costs could easily rise tenfold, making him pay 100% of the book value...
* A limited market for guns and ammo will drive down the price when he tries to sell his goods: Once the market is flooded, no one will buy such items for full price.
* Local authorities will try to control the characters' markets and prices. They might insist that only the local baron's men can buy such items or demand the gunslinger have expensive permits and licenses.
Bullet are one thing, but one also need powder.
alchemical cartridges Don't cost much more, but require Craft (Alchemy).
Guns would likely be more curiosities (at first) than weapons.