By selling a dozen pencil at the cost of 30 the shopkeeper gains 10 rupee his percentage of profit was
Answers
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:
By selling a dozen pencil at the cost of 30 the shopkeeper gains 10 rupees.
Find:
Find the profit percentage
Solution:
SP=30
Total Amount earned=30 x 12 =360
Profit=10
Total amount spend=360-10
=350
Profit percentage= 10/350 x 100
=28.5%
Therefore, the profit percentage is 28.5%
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