How to find cost price ?
Here we are going to see how to find cost price of an article.
Cost price when there is a profit
Cost price when there is a loss
Example 1 :
A man sells two wrist watches at $ 594 each. On one he gains 10% and on the other he loses 10%. Find his gain or loss percent on the whole.
Solution :
Selling price of the first wrist watch = $ 594 and
gain% = 10%
Cost price of the first wrist watch
= [ 100/(100 + profit %) ] ⋅ Selling price
= [ 100 / (100 + 10) ] ⋅ 594
= (100 / 110) ⋅ 594
= $540
Similarly, C.P. of the second watch on which he loses 10% is
= [ 100/(100 - loss %) ] ⋅ Selling price
= [ 100 / (100 - 10) ] ⋅ 594
= (100 / 90) ⋅ 594
= $660
To say whether there was an overall Profit or Loss, we need to find the combined cost price and selling price.
Total cost price of the two watches = 540 + 660 = 1200.
Total selling price of the two watches = 594 + 594 = 1188.
Net Loss = 1200 – 1188 = 12
Loss % = ( Loss / Cost price ) ⋅ 100
= (12/1200) ⋅ 100
= 1 %
Example 2 :
By selling a table for $1,320, a trader gains 10%. Find the cost price of the table.
Solution :
Selling price = $ 1320
Profit % = 10%
Cost price = [ 100/(100 + profit %) ] ⋅ Selling price
= [ 100/(100 + 10) ] ⋅ 1320
= (100/110) ⋅ 1320
= %1200
Example 3 :
A man sold two vehicles of his dog for $3605 each. On one he made a gain of 15% and on the other a loss of 9%. Find his overall gain or loss.
Solution :
Selling price of the first vehicle = $3605 and
gain% = 15%
Cost price of the first vehicle
= [ 100/(100 + profit %) ] ⋅ Selling price
= [ 100 / (100 + 15) ] ⋅ 3605
= (100 / 115) ⋅ 3605
= $3134
Similarly, C.P. of the second watch on which he loses 9% is
= [ 100/(100 - loss %) ] ⋅ Selling price
= [ 100 / (100 - 9) ] ⋅ 3605
= (100 / 91) ⋅ 3605
= $3961
To say whether there was an overall Profit or Loss, we need to find the combined cost price and selling price.
Total cost price of the two watches
= 3134 + 3961
= 7095
Total selling price of the two watches
= 3605 + 3605
= 7210
Selling price > Cost price
Profit = 7210 - 7095 = 115
After having gone through the stuff given above, we hope that the students would have understood "How to find cost price".
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