Question

An oil refinery buys oil at Rs 3600 per barrel. There is 10 % wastage. If the refinery wants to earn 5% profit then at what price should it sell including 8 % tax on selling price? in Rs per barrel

Answer 1

Given :  oil refinery buys oil at Rs 3600 per barrel.  10 % wastage . 5 % profit , 8 % tax

To find : Selling price per Barrel

Solution:

Let say oil Bought  = B barrel

Rate of oil = Rs 3600 per barrrel

Cost Price = 3600B  Rs

5% profit  = (5/100)3600B = 180B  Rs

Selling Price before Tax  = 3600B + 180B = 3780B Rs

8 % Tax  = (8/100)3780B = 302.4B

Selling price including tax  = 3780B + 302.4B  =  4082.4B  Rs

10 % wastage

Wastage = (10/100)B = 0.1B  barrel

Oil Available to Sell  =  B - 0.1B = 0.9B  Barrel

Selling Price in Rs per Barrel   =  4082.4B  / 0.9B

= 4536  Rs

Selling Price in Rs per Barrel    = 4536  Rs  

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