Profit And Loss
Math MCQs

Question :    Mollie purchased 150 kg of wheat at $1350. Due to some unavoidable circumstances, he had to sell the wheat at $7.20 per kg. Calculate his total loss and loss percent in this sale.

Correct Answer  Loss = $270 and Loss% = 20%

Solution & Explanation

Solution

Given, Cost price (CP) of 150 kg wheat = $1350

Sale price (SP) = $7.20 per kg

Therefore, loss and loss % = ?

Calculation of cost price of wheat per kg

∵ Cost Price of 150 kg wheat = $1350

∴ Cost Price of 1 kg wheat = ¹³⁵⁰/₁₅₀ = $9

Thus, cost price of wheat per kg = $9

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

Here cost price per kg = $9

And, sale price per kg = $7.20

Loss = Cost Price – Sale Price

∴ Loss = $9 – $7.20

⇒ Loss = $1.80

Since, loss in 1 kg = $1.8

Therefore, loss in 150 kg

= 1.8 × 150 = $270

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

Loss% = ^{Loss × 100}/_{Cost price}

Here, Loss per kg = $1.8

And, Cost Price per kg = $9

∴ Loss% = ^{1.80 × 100}/₉

= ^{180 × 100}/_{100 × 9}

= ^{180 20 × 100}/_{100 × 9} = 20%

⇒ Loss = 20%

Therefore, Loss = $270 and Loss% = 20% Answer

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

Here, Loss per kg = $1.80

And, Cost Price per kg = $9

∵ In $9, loss = $1.80

∴ In $1, loss = ^1.80/₉

∴ In $100, loss = ^1.80/₉ × 100

∴ In $100, loss = ^{1.80 0.2}/₉ × 100

= 0.2 × 100 = 20%

⇒ Loss = 20%

Therefore, Loss = $270 and Loss% = 20% 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 wheat per kg = $7.20

Total rice = 150 kg

Therefore, sale price of 120 kg wheat = sale price of 1 kg × 150 kg

= $7.20 × 150 = $1080

And, given cost price of 150 kg rice = $1350

Now, Loss = Cost price – Sale price

⇒ Loss = $1350 – $1080 = $270

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

= ^{270 × 100}/₁₃₅₀

= ^{270 × 100 20}/_{1350 5} = 20%

Therefore, Loss = $270 and Loss% = 20% Answer

Similar Questions

(1) Mr. Bose loses 97% by selling an article for $141.30. For how much should he sell it to get a profit of 96%?

(2) Find the cost price, if a trader gets a loss of 12% by selling some of his stock of fruits for $1944.80. Find the cost price of those stock.

(3) For how much should he sell the bicycle to get a profit of 19%, if a shopkeeper loses 20% by selling it for $688?

(4) By selling some goods for $3249 a shopkeeper earns a profit of 90%. Find the cost price of those goods.

(5) Find the cost price, if Mr. Oliver earns a profit of 150% by selling an article for $7275.00

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

(7) After selling some antique items for $6504 a trader earns a profit of 140%. Find the cost price of those antique items.

(8) If a vendor bought 62 candies for $1 and sold 61 candies per $1 then find the profit percent.

(9) Find the cost price, if a dealer earns a profit of 245% by selling a plot for $16594.5

(10) A shopkeeper loses 51% by selling an article for $1180.90. For how much should he sell it to get a profit of 50%?