Loss or gain percentage is always calculated on the__________.
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Answer:
Cost Price
Explanation:
Loss or gain percentage is always calculated on the Cost Price
The price at which the product is brought is known as the cost price.
The price at which the product was sold is known as its selling price.
The difference between cost price and selling price is either gain or loss.
if SP > CP, then there's a profit
if CP > SP, then there's a loss
The seller will get to know the profit or loss only when he sees the profit or loss as a fraction of the cost price of an article. So, loss or gain are always calculated on the cost price.
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