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Problems 7, 8, and 9 involving cost price, selling price, and profit calculations.
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2 partsStep-by-step solution
5 stepsHere are the solutions to problems 7, 8, and 9.
7.
Step 1: Calculate the cost price per kg of meat.
Total cost = Gh¢22.40
Total quantity = 250 kg
Step 2: Calculate the selling price per kg to make a 25% profit.
Profit percentage = 25% = 0.25
He should retail it at .
8.
Step 1: Calculate the cost price per kg of tomatoes.
Total cost = Gh¢5.20
Total quantity = 130 kg
Step 2: Calculate the selling price and revenue for the first half of the tomatoes.
Quantity for first half =
Profit percentage for first half = 30% = 0.30
Revenue from first half =
Step 3: Calculate the quantity for the second half and the amount thrown away.
Quantity remaining after first half =
Quantity thrown away = 5 kg
Quantity sold in second half =
Part a
Step 4: Calculate the new selling price per kg for the second half.
The selling price is reduced by 12% from the previous selling price ().
Reduction percentage = 12% = 0.12
The new selling price per kg is .
Part b
Step 5: Calculate the revenue from the second half.
Revenue from second half =
Calculate the total revenue and total profit.
Total Revenue = Revenue from first half + Revenue from second half
Total Revenue = Gh¢3.38 + Gh¢2.7456 = Gh¢6.1256
Total Cost = Gh¢5.20
Total Profit = Total Revenue - Total Cost
Total Profit = Gh¢6.1256 - Gh¢5.20 = Gh¢0.9256Calculate the percentage profit on the whole transaction.
The percentage profit on the whole transaction is approximately .
9.
Identify the given values.
Cost Price (CP) = Gh¢1200
Selling Price (SP) = Gh¢1680Calculate the profit.
Calculate the profit percentage.
His profit percent is .
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