Question
Download Solution PDFIf 70% of total articles are sold at a profit of 20% and remaining articles are sold at a loss of 20%, then what will be the overall profit percentage?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
70% of articles sold at 20% profit.
Remaining 30% of articles sold at 20% loss.
Formula used:
Profit Percentage = (Selling Price - Cost Price) / Cost Price × 100
Loss Percentage = (Cost Price - Selling Price) / Cost Price × 100
Calculation:
Let the total number of articles be 100.
Number of articles sold at profit = 70% of 100 = 70
Number of articles sold at loss = 30% of 100 = 30
Let the cost price of each article be ₹1.
Selling price of each article sold at profit
⇒ 1 + (20/100) × 1 = ₹1.20
Total selling price of articles sold at profit
⇒ 70 × 1.20 = ₹84
Selling price of each article sold at loss
⇒ 1 - (20/100) × 1 = ₹0.80
Total selling price of articles sold at loss
⇒ 30 × 0.80 = ₹24
Total selling price of all articles
⇒ 84 + 24 = ₹108
Total cost price of all articles
⇒ 100 × 1 = ₹100
Overall profit = Total selling price - Total cost price
⇒108 - 100 = ₹8
Overall profit percentage = (Overall profit / Total cost price) × 100
⇒ (8/100) × 100 = 8%
∴ The overall profit percentage is 8%.
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