We will learn how to solve different types of problems on calculating cost price.
Formulas to calculate cost price:
(i) If Selling Price of an article and gain on its selling are given, the Cost Price of the article will be Selling Price minus gain.
Cost Price = Selling Price  Gain
(ii) If Selling Price of an article and loss on its selling are given, the Cost Price of the article will be Selling Price plus loss.
Cost Price = Selling Price + Loss
Solved examples:
1. A merchant sold a table fan for $ 375 at a loss of $ 50. Find the Cost Price of a fan.
Selling Price of the fan = $ 375
Loss = $ 50
Cost Price = Selling Price + Loss
= $ (375 + 50)
= $ 425.00
Therefore, the Cost Price of a fan is $ 425.00.
2. A book seller bought 12 copies of a book. He sold each of them at $ 20 and thus made a profit of $ 24 by selling all the books. What was the Cost Price of a book?
Selling Price of the book = $ 20 × 12
= $ 240
Profit = $ 24
Cost Price = Selling Price  Profit
= $ (240  24)
= $ 216.
Thus, cost of 12 books = $ 216
Cost of 1 book = $ 216 ÷ 12
= $ 18
Therefore, the Cost Price of a book is $ 18.
5th Grade Math Problems
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