Question

Find cost price when selling price is 360 and loss is 10%

Answer 1

Let cost price be Rs 100

Profit = 10% of Rs 100

= 10/100 × Rs 100

= Rs 10

And selling price = Rs 100 + Rs 10 = Rs 110; [we know, selling price = cost price + profit]

When selling price = Rs110, cost price = Rs 100

When selling price = Rs 1, cost price = Rs 100/110

And, when selling price = Rs 360, cost price = Rs 100/110 × 360

Therefore, the cost price = Rs327.27