Profit And Loss
Math MCQs

Question :    John sold rice at $7.20 per kg. If he purchased 120 kg of rice for $960, then calculate the loss and loss percent in this sale.

Correct Answer  Loss = $96 and Loss% = 10%

Solution & Explanation

Solution of the given question to find the loss and loss percent

Given, Cost price (CP) of 120 kg rice = $960

Sale price (SP) = $7.20 per kg

Therefore, loss and loss % = ?

Calculation of price of rice per kg

∵ Price of 120 kg rice = $960

∴ Price of 1 kg rice = ⁹⁶⁰/₁₂₀ = $8

Thus, cost price of rice per kg = $8

Calculation of loss, when cost price and sale price is known

Here cost price per kg = $8

And, sale price per kg = $7.20

Loss = Cost Price – Sale Price

∴ Loss = $8 – $7.20

⇒ Loss = $0.8

Since, loss in 1 kg = $0.8

Therefore, loss in 120 kg

= 0.8 × 120 = $96

Calculation of loss percent using formula, when loss and cost price is known

Loss% = ^{Loss × 100}/_{Cost price}

Here, Loss per kg = $0.8

And, Cost Price per kg = $8

∴ Loss% = ^{0.8 × 100}/₈

= ^{8 × 100/₈₀}

= ^{8 × 10 × 10}/_{8 × 10} = 10%

⇒ Loss = 10%

Therefore, Loss = $96 and Loss% = 10% Answer

Calculation of Loss% using Unitary Method, when loss and cost price is known

Here, Loss per kg = $0.8

And, Cost Price per kg = $8

∵ In $8, loss = $0.8

∴ In $1, loss = ^0.8/₈

= ⁸/₈₀ = ¹/₁₀

∴ In $100, loss = ¹/₁₀ × 100 10

= 10%

⇒ Loss = 10%

Therefore, Loss = $96 and Loss% = 10% Answer

Calculation of loss% after calculating total sale price

If we calculate the total sale price of rice, then also, the loss percent will be same.

Given, sale price of rice per kg = $7.20

Total rice = 120 kg

Therefore, sale price of 120 kg rice = sale price of 1 kg × 120 kg

= $7.20 × 120 = $864

And, given cost price of 120 kg rice = $960

Now, Loss = Cost price – Sale price

⇒ Loss = $960 – $864 = $96

Now, Loss % = ^{Loss × 100}/_{Cost price}

= ^{96 × 100}/₉₆₀

= ^{96 × 10 × 10}/_{96 × 10} = 10%

Therefore, Loss = $96 and Loss% = 10% Answer

Similar Questions

(1) Find the cost price, if a trader gets a loss of 45% by selling 800 bags of fruits for $4845.50

(2) The cost price of an article is $12, and the sale price is $15. Find the profit and profit percent.

(3) Mr. Steven loses 93% by selling an article for $315.70. For how much should he sell it to get a profit of 92%?

(4) A shopkeeper earns a profit of 50% by selling an article for $1365. Find the cost price of the article.

(5) Find the cost price, if a fruit seller gets a loss of 43% by selling 500 bags of fruits for $4793.70

(6) If a seller bought 24 apples per $1 and sold them at a rate of 23 apples per $1, then what would his profit percent be?

(7) If a shopkeeper gets a loss of 53% by selling 200 kg of rice for $4892.70 then find the cost price of rice.

(8) Mr. Bob gets a loss of 11% after selling an article for $364.90. For how much would he sell it to get a profit of 10%?

(9) Mr. Peter loses 44% by selling an article for $1153.60. For how much should he sell it to get a profit of 43%?

(10) if a vendor bought 74 nibs for $1 and sells them at a rate of 73 per $1 then calculate the profit in percent.