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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