PROBLEMS ON FINDING PROFIT AND LOSS

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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