A dinner set sold for Rs 16000 at a loss of 20%.then the cost price is
Answers
20000
Step-by-step explanation:
selling price = 16000
loss percent = 20%
cost price = (100-20)/16000×100
= 20000
Concept:
Profit (P) is the money made when a product is sold for more than what it costs to produce.
Loss(L)
A loss is defined as the sum the seller experiences after selling the good for less than its cost.
Cost Price (CP)
Cost price refers to the price paid to purchase a good or commodity. Denoted as CP as well. This cost price is divided into two more categories:
Fixed Cost: Under any conditions, the fixed cost remains constant.
Variable Cost: It may change depending on the quantity purchased and other elements.
Sales price (SP)
The selling price is the price at which a product is sold. Typically, it is identified as SP. also known as a sale price on occasion.
Profit or Gain = Selling price – Cost Price
Loss = Cost Price – Selling Price
Profit percentage (P%) = (Profit /Cost Price) x 100
Loss percentage (L%) = (Loss / Cost price) x 100
Given:
A dinner set sold for Rs 16000 at a loss of 20%.
Find:
Find the cost price
Solution:
SP = 16000
Loss% = 20%
CP = SP x 100/(100 - Loss%)
= 16000 x 100/80
= 20000.
Therefore, the cost price be Rs 20,000
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