Example 1 :
Giovanna makes cakes for her ‘Home-made Cakes’ shop. If a cake costs €2.10 to make and she sell it for €3.70. Find her profit or loss on the sale.
Solution :
The cost price of the cake = €2.10
The selling price of the cake = €3.70
Because the selling price of the cake is greater than the Cost price, there is a profit.
Profit = Selling price – Cost price
= 3.70 – 2.10
Profit = €1.6
Example 2 :
Alain knitted a jumper which he sold for $135. He calculated that the cost of jumper, including his time spent, was $160. Find his profit or loss on the sale.
Solution :
The cost price of the jumper = $160
The selling price of the jumper = $135
Because the selling price of the jumper is less than the Cost price, there is a loss.
Loss = Cost price – Selling price
= 160 – 135
Loss = $25
Example 3 :
Brad bought an old car for ₤600. He spent ₤1038 restoring it and sold it for ₤3500. Find his profit or loss on the sale.
Solution :
The total amount spent on the car is
= (600 + 1038)
= ₤1638
The cost price of the car = ₤1638
The selling price of the car = ₤3500
Because the selling price of the car is greater than the Cost price, there is a profit.
Profit = Selling price – Cost price
= 3500 – 1638
Profit = ₤1862
Example 4 :
Julie bought a house for €170000. She spent €6000 having the house repainted, €7800 on new carpets, and €2040 on curtains. A year later she sold the house for €189000. Find her profit or loss on the sale.
Solution :
The total amount spent on the house is
= €(170000 + 6000 + 7800 + 2040)
= €185840
The cost price of the house = €185840
The selling price of the house = €189000
Because the selling price of the house is greater than the Cost price, there is a profit.
Profit = Selling price – Cost price
= 189000 – 185840
Profit = €3160
Example 5 :
At the start of summer, Joe bought 200 beach umbrellas at $25 each to sell from his beach-side cafe. Unfortunately for joe it was not a very hot summer. He only sold 128 umbrellas at $39 each. Find his profit or loss on the sale of umbrellas for that summer.
Solution :
The cost price of 1 umbrella = $25
Now, the cost price of 200 umbrellas = $25 × 200
= $5000
The selling price of 1 umbrella = $39
Now, the selling price of 128 umbrellas = $39 × 128
= $4992
Because the selling price of the umbrellas is less than the Cost price, there is a loss.
Loss = Cost price – Selling price
= 5000 – 4992
Loss = $8
Number of umbrellas remaining = 200-128
= 72
Remaining number of umbrellas is 72.
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