Calculating Cost Price

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.

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