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 And 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
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