We will learn how to solve different types of problems on calculating selling price.
Formulas to calculate selling price:
(i) If Cost Price of an article and gain on its selling are given, the Selling Price of the article will be sum of its Cost Price and gain.
Selling Price = Cost Price + Gain
(ii) If Cost Price of an article and loss on its selling are given, the Selling Price of the article will be Cost Price minus loss.
Selling Price = Cost Price – Loss
1. Lila purchased a chair for $ 257. She spent $ 50 on transportation. She sold it at a profit of $ 120. Find the selling price of the chair.
Cost Price of a chair = $ 257
Transportation = $ 50
Total Cost Price = $ 257 + $ 50
= $ 307
Profit = $ 120
Selling Price = Cost Price + Profit
= $ 307 + $ 120
= $ 427
Selling Price of the chair = $ 427.
2. A moped is bought at $ 15000. At what should it be sold to make a profit of $ 2180?
Cost Price of a moped = $ 15000
Profit made = $ 2180
We know Selling Price = Cost Price + Profit
= $ 15000 + $ 2180
= $ 17180
The moped should be sold at $ 17180.