You can use various string operations (I chose to use slice()) to extract the last two characters, insert a period in between and construct the final string. The advantage of doing it this way is you avoid some of the inaccuracies that floating point math can sometimes have:
var num = 500;
var numStr = num.toString();
var formattedStr = numStr.slice(0,-2) + "." + numStr.slice(-2);
If you just wanted to use floating point math, you could do:
var num = 500;
var formattedStr = (num / 100).toFixed(2).toString();
The operative part of this last one is the toFixed() method that rounds and zero pads a decimal number to an exact number of digits (which is exactly what you want for money). You can read about toFixed() in this MDN reference.
You can see both of them working here: http://jsfiddle.net/jfriend00/pApVR/