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%
Therefore, the shopkeeper made a profit of 20%.
[Q] A trader bought 100 pens for $80 and sold them for $120. What is the profit or loss percentage?
Solution:
Cost price of 100 pens = $80
Selling price of 100 pens = $120
Profit = Selling price – Cost price = $120 – $80 = $40
Profit percentage = (Profit/Cost price) x 100 = ($40/$80) x 100 = 50%
Therefore, the trader made a profit of 50%.
[Q] A company sold 500 units at a selling price of $10 each. The cost price of each unit was $12. What is the profit or loss percentage?
Solution:
Cost price of 1 unit = $12
Selling price of 1 unit = $10
Loss = Cost price – Selling price = $12 – $10 = $2
Total loss from selling 500 units = 500 x $2 = $1000
Total cost price of 500 units = 500 x $12 = $6000
Loss percentage = (Loss/Cost price) x 100 = ($1000/$6000) x 100 = 16.67%
Therefore, the company made a loss of 16.67%.
[Q] A shopkeeper bought a batch of toys for $500 and sold them for $600. If the profit percentage was 20%, what was the selling price of each toy?
Solution:
Cost price of each toy = $500/number of toys = $500/x
Profit percentage = 20%
Profit = 20% of cost price = 0.2 x $500/x = $100/x
Selling price of each toy = cost price + profit = $500/x + $100/x = $600/x
Selling price of the whole batch of toys (x toys) = $600
$x = 10
Therefore, the selling price of each toy was $60.
[Q] A trader sold a camera at a loss of 25%. If the selling price was $600, what was the cost price of the camera?
Solution:
Selling price of the camera = $600
Loss percentage = 25%
Loss = Loss percentage x Cost price = 25% x Cost price = 0.25 x Cost price
Selling price = Cost price – Loss = $600
Cost price – 0.25 x Cost price = $600
0.75 x Cost price = $600
Cost price = $800
Therefore, the cost price of the camera was $800.
