Question

By selling an article for Rs $1,12,000$ a girl gains $40\%$.

The cost price of the article was _______

Answer 1

Step 1 : Use the relationship between selling price, cost price and gain% to form an equation

Cost price: The amount paid for a product.

Selling Price: The amount at which the product is sold

Given:

• The selling price of the article $=₹112000$
• Gain$\%$ $=40\%$

Let the cost price of the article $=x$

Since,

Cost price = Selling price – Profit $\%$ on the cost price

∴ Selling price = cost price + profit $\%$ on cost price

Hence, $\begin{array}{rcl}112000& =& x+x\times \left(40\times \frac{1}{100}\right)\end{array}$

Step 2: Solve the above equation

$\begin{array}{rcl}112000& =& x+\left(\frac{2}{5}\right)x\\ 112000& =& \frac{7x}{5}\\ x& =& \frac{\left(112000\times 5\right)}{7}\\ x& =& 80000\end{array}$

Hence, the cost price of the article was Rs $80000$.