Last updated on July 7th, 2023 at 10:21 pm
Profit and Loss Question Answers
[Q] A shopkeeper bought 100 pencils at a cost of $10. He sold 70 pencils at a price of $1.50 each and the remaining pencils at a price of $1 each. What is his profit or loss percentage?
Solution:
Cost price of 100 pencils = $10
Cost price of 1 pencil = $10/100 = $0.10
Revenue from selling 70 pencils = 70 x $1.50 = $105
Revenue from selling remaining 30 pencils = 30 x $1 = $30
Total revenue = $105 + $30 = $135
Profit = Total revenue – Total cost price
Profit = $135 – $10 = $125
Profit percentage = (Profit/Cost price) x 100
Profit percentage = ($125/$10) x 100 = 1250%
Therefore, the shopkeeper made a profit of 1250% on the sale of pencils.
[Q] A company sold 500 products at a selling price of $20 each. The cost price of each product was $15. What is the profit or loss percentage?
Solution:
Cost price of 1 product = $15
Selling price of 1 product = $20
Profit = Selling price – Cost price
Profit = $20 – $15 = $5
Total profit from selling 500 products = 500 x $5 = $2500
Total cost price of 500 products = 500 x $15 = $7500
Profit percentage = (Profit/Cost price) x 100
Profit percentage = ($2500/$7500) x 100 = 33.33%
Therefore, the company made a profit of 33.33% on the sale of products.
[Q] A shopkeeper bought a pair of shoes for $50 and sold them for $60. What is the profit or loss percentage?
Solution:
   Cost price of the shoes = $50
   Selling price of the shoes = $60
   Profit = Selling price – Cost price = $60 – $50 = $10
   Profit percentage = (Profit/Cost price) x 100 = ($10/$50) x 100 = 20%
