PRACTICE PROBLEMS ON COST PRICE AND SELLING PRICE

Problem 1 :

Complete the following table :

Solution :

(a)  Cost price  =  $60

Profit  =  $25

Since profit happens,

Selling price > Cost price

Selling price  =  Cost price + profit

Selling price  =  60 + 25  ==>  $85

So, the required selling price is $85.

(b)  Selling price  =  $195

Loss  =  $35

Since loss happens, 

Cost price > Selling price

Cost price  =  Selling price + Loss

Cost price  =  195+35  ==>  230

So, the required cost price is $230.

(c)  Cost price  =  $275

loss  =  $95

Since loss happens,

Cost price > Selling price

Selling price  =  Cost price - loss

Selling price  =  275 - 95  ==>  $180

So, the required selling price is $180.

(d)  Selling price  =  $297

Profit   =  $135

Since profit happens, 

Selling price > Cost price

Cost price  =  Selling price - profit

Cost price  =  297-135  ==>  162

So, the required cost price is $162.

Problem 2 :

Find the selling price for goods bought for :

a)  $500 and sold for a 20% profit

b)  $350 and sold at a 25% loss

c)  $4500 and sold for a profit of 8%

d)  $8000 and sold at a loss of 35%

Solution :

(a)  Cost price  =  $500

Profit  =  20%

Selling price  =  120% of 500

=  1.20(500)

=  600

So, selling price of the goods is $600.

(b)  Cost price  =  $350

Loss  =  25%

Selling price  =  75% of 350

=  0.75(350)

=  $262.5

So, the selling price is  $262.5

(c)  Cost price  =  $4500

Profit  =  8%

Selling price  =  108% of 4500

=  1.08(4500)

=  $4860

So, the selling price is $4860.

(d)  Cost price  =  $8000

Loss  =  35%

Selling price  =  65% of 8000

=  0.65(8000)

=  $5200

So, the selling price is $5200.

Problem 3 :

Jacki bought a sewing machine for $560 and sold it for a profit of 18%. At what price did she sell the sewing machine?

Solution :

Cost price of sewing machine  =  $560

Profit made  =  18%

Selling price  =  118% of 560

=  1.18(560)

=  $660.8

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