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 $1...