Whats the Formula for finding the cost price?
cost price = selling price - profit
cost price = selling price - profit% × cost price/100
cost price + profit% × cost price/100 = selling price
cost price(1 - profit%)/100 = selling price
cost price(100 + profit%)/100 = selling price
Also, cost price = selling price × 100/100 + profit% (on cross multiplication)
example
1. A bag was sold for $324 thereby gaining 8%. Find the cost price of the bag.
Solution:
Given selling price = $324
Gain% = 8%
We know, cost price = selling price × 100/100 + gain%
Therefore, cost price = 324 × 100/100 + 8
= 324 × 100/108
= 12 × 25
= $300
Therefore, the cost price of the bag is $300.
cost price = selling price - profit
cost price = selling price - profit% × cost price/100
cost price + profit% × cost price/100 = selling price
cost price(1 - profit%)/100 = selling price
cost price(100 + profit%)/100 = selling price
Also, cost price = selling price × 100/100 + profit% (on cross multiplication)
example
1. A bag was sold for $324 thereby gaining 8%. Find the cost price of the bag.
Solution:
Given selling price = $324
Gain% = 8%
We know, cost price = selling price × 100/100 + gain%
Therefore, cost price = 324 × 100/100 + 8
= 324 × 100/108
= 12 × 25
= $300
Therefore, the cost price of the bag is $300.
