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.
`5th Grade Math Problems
From Calculating Cost Price to HOME PAGE
Didn't find what you were looking for? Or want to know more information about Math Only Math. Use this Google Search to find what you need.
|
|
New! Comments
Have your say about what you just read! Leave me a comment in the box below. Ask a Question or Answer a Question.