We will learn how to calculate profit and selling price of an article. We know, selling price is the price at which an article is sold and the seller makes a profit when the selling price is more than the cost price.
1. A vendor sold 600 quintals of wheat at a gain of 7%. If one quintal of wheat cost him $ 250 and his total overhead charges for transportation, etc., were $ 1,000, find his total profit and the selling price of 600 quintals of wheat.
Cost of one quintal of wheat = $250
Therefore, cost of 600 quintals of wheat = $250 × $600 = $150,000.
Overhead charges = $ 1,000.
Hence, cost price (C.P.) = $150,000 + $1,000 = $151,000.
gain = 7%
Net profit = 7% of $151000
= $7/100 × 151,000
Selling price (S.P.) = cost price (C.P.) + gain
= $(151,000 + 10,570)
Therefore, total gain is $10,570 and the selling price is $ 161,570.
2. Mike bought a laptop for $5000 and sold it at a profit of 105. Find the profit and the selling price of the laptop.
Given, C.P. of a laptop = $5000 and profit% of it = 10%
Therefore, profit = profit% of C.P.; (we know, profit is always calculated on C.P.)
= 10% × $5000
= (10/100) × $5000
And, S.P. = C.P. + profit
= $5000 + $500
Therefore, profit is $500 and the selling price is $5500.
Discount and Discount Percent
● Profit And Loss - WorksheetsWorksheet on Calculating Overhead Charges