Calculation Of Profit And Selling Price With Short Questions
1. A Shopkeeper Bought Few Bags For $1400 And Sold Them At $2560. Compute His
Profit.
Given:
Cost of Bags = $1400
Sales = $2560
Find:
Gross Profit = ?
We know that Gross Profit is equal to Sales minus Cost of Sales, so we have:
Gross Profit = Sales - Cost of Sales
Gross Profit = $2560 - $1400 = $1160
So, shopkeeper earn $1160 profit (gain) on the sales ($2560) of bags purchased at the cost of $1400.
2. A Man Bought A Bicycle For 1200 He Sold It For 1500 Find The Profit Percent.
By applying gross profit formula, we have:
GP = $1500 - $1200 = $300
As we know that sales is the sum of cost of sales + gross profit, so we have
Sales = Cost + Gross Profit
So, the Percentage of sales = Percentage of Cost + Percentage of Gross Profit
As, the percentage of Sales is 100 i.e., it is the base, so we have:
Percentage of GP = Amount of GP / Amount of Sales X 100
Percentage of GP = 300 / 1200 X100 = 25%
3. A Man Buys A Cycle For $1400 And Sells It At A Loss Of 15%. What Is The Selling Price Of The Cycle?
% of Gross Loss = Amount of Gross Loss / Amount of Cost of Sales X Percentage of Cost of Sales
15 = Amount of Gross Loss / 1400 X 100
Amount of Gross Loss = 15 X1400 / 100 = $210
As we know:
Sales = Cost of Sales - Gross Loss = 1400 – 210 = $1190
Suppose, in question no. 3, if the person sells at 15% profit, then selling price is calculated as shown below:
Amount of GP = 15 X1400 / 100 = $210
Comments