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We will learn how to solve different types of problems on calculating cost price.
Formulas to Calculate Cost Price
(i) If Selling Price of an article and gain on its selling are given, the Cost Price of the article will be Selling Price minus gain.
Cost Price = Selling Price – Gain
(ii) If Selling Price of an article and loss on its selling are given, the Cost Price of the article will be Selling Price plus loss.
Cost Price = Selling Price + Loss
For calculating cost price, we subtract profit from the selling price or add loss to the selling price.
C.P. = S.P. – Profit
or, C.P. = S.P. + Loss
Solved examples on Calculating Cost Price:
1. A merchant sold a table fan for $ 375 at a loss of $ 50. Find the Cost Price of a fan.
Selling Price of the fan =
$ 375
Loss = $ 50
Cost Price =
Selling Price + Loss
=
$ (375 + 50)
=
$ 425.00
Therefore, the Cost Price of a fan is $ 425.00.
2. A book seller bought 12 copies of a book. He sold each of
them at $ 20 and thus made a profit of $ 24 by selling all the books. What was
the Cost Price of a book?
Selling Price of the book =
$ 20 × 12
=
$ 240
Profit =
$ 24
Cost Price =
Selling Price – Profit
=
$ (240 – 24)
=
$ 216.
Thus, cost of 12 books =
$ 216
Cost of 1 book =
$ 216 ÷ 12
=
$ 18
Therefore, the Cost Price of a book is $ 18.
Let us consider some more examples on
3. A shopkeeper sells a watch for $ 210 and earns a profit of $ 30. Find the cost price of the watch.
Solution:
S.P. of the watch = $ 210
Profit = $ 30
C.P. = S.P. – Profit
= $ 210 – $ 30
= $ 180
Therefore, the cost price of the watch = $ 180.
For more details please visit Calculate Cost Price using Sell Price and Profit Percent. and Calculate Selling Price using Cost and Profit Percent.
Worksheet on Calculating Cost Price
1. Find the cost price in each case.
(i) S .P. = $ 180; Profit = $ 25
(ii) S .P. = $ 435; Loss = $ 65
(iii) S .P. = $ 265; Loss = $ 15
(iv) S .P. = $ 1250; Profit = $ 50
(v) S .P. = $ 3125; Profit = $ 225
(vi) S .P. = $ 6318; Loss = $ 321
(vii) S .P. = $ 9009; Loss = $ 103
(viii) S .P. = $ 7743; Profit = $ 826
Answer:
1. (i) Cost Price = $155
(ii) Cost Price = $500
(iii) Cost Price = $280
(iv) Cost Price = $1200
(v) Cost Price = $2900
(vi) Cost Price = $6639
(vii) Cost Price = $9112
(viii) Cost Price = $6917
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