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 And 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
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