We will learn how to find cost price when selling price and profit or loss are given.
1. By selling a laptop for $550, a profit of 10% is made. Find its cost price.
Solution:
Let cost price be $100
Profit = 10% of $100
= 10/100 × $100
= $10
And selling price = $100 + $10 = $110; [we know, selling price = cost price + profit]
When selling price = $110, cost price = $100
When selling price = $1, cost price = $100/110
And, when selling price = $550, cost price = $100/110 × 550
Therefore, the cost price = $500
2. By selling an
article for $270, a loss of 10% is made. Find the cost price of the article.
Solution:
Let cost price be $100
Loss = 10% of $100
= 10/100 × $100
= $10
And selling price = $100  $10 = $90; [since, selling price = cost price  loss]
When selling price = $90, cost price = $100
When selling price = $1, cost price = $100/90
And, when selling price = $270, cost price = $100/90 × 270
Therefore, the cost price = $300
More solved examples to find cost price when selling price and profit or loss are given:
3. An article was sold for $480 at a profit of 20%. Find the cost price of the article.
Solution:
Let cost price be $100.
Profit = 20% of $100
= 20/100 × $100
= $20
And selling price = $100 + $20 = $120; [we know, selling price = cost price + profit]
When selling price = $120, then cost price = $100.
When selling price = $1, then cost price = $100/120.
And when selling price = $480, then cost price = $100/120 × 480
Therefore, the cost price = $400.
4. A man sold a watch to his friend at a loss of 5%. If his friend paid $190 for it, find the cost price of the watch.
Solution:
Let cost price be $100.
Loss = 5% of $100
= 5/100 × $100
= $5
And selling price = $100  $5= $95; [we know, selling price = cost price + profit]
When selling price = $95, then cost price = $100
When selling price = $1, then cost price = $100/95
And when selling price = $190, then cost price = $100/95 × 190
Therefore, the cost price of the clock is $200.
Note:
I. Formula to find cost price when selling price and profit percent are given;
Cost price = 1/(profit% + 1) × selling price
II. Formula to find cost price when selling price and loss percent are given;
Cost price = 1/(loss%  1) × selling price
`To find Profit or Loss when Cost Price and Selling Price are Given
To find Selling Price when Cost Price and Profit or Loss are Given
To find Cost Price when Selling Price and Profit or Loss are Given
Calculate Profit or Loss Percent
Calculate Profit and Selling Price
Calculate Loss and Selling Price
6th Grade Math Practice
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