Question

Mrs. Jones bought 250 apples for $22,500. She sold 50 for $120 each, and the remainder she sold 5 for $1000 a parcel.

(a) State whether she made a profit or loss.

(b) Calculate her percentage profit or percentage loss.​

Answer 1

Given:

Total number of apples = 250

Price paid for 250 apples = $22,500

Apples sold = 50

Price at which 50 apples were sold = $120

Remaining 5 apples sold = $1000

To find:

Profit or loss and the profit/loss %.

Solution:

Since 50 apples were sold for 1200, thus price -

50 x 120

= 6000

Next, 200 apples were sold at $1000 per 5 apples,

Thus,

200/5 x 1000

= 200000/5

= 40,000

Total sale price -  

40,000 + 6000

= $46,000

Total profit = 46000 - 22500

= $23,500

Now, profit % -

= Profit x 100 / Cost Price

= 23500/22500 x 100

= 104%

Answer: Mrs. Jones made a profit of $23,500 and the profit % is 104%.