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A furniture dealer purchased a desk

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by ssuarezo » Wed Jun 16, 2010 5:29 pm
A furniture dealer purchased a desk for 150, and then set the selling price equal to the purchase price plus a markup that was 40% of the selling price. If the dealer sold the desk at the selling price, what was the amount of the dealer's gross profit fromthe purchase and the sale of the desk?

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100

OA 100

Thanks
Silvia.
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by amising6 » Wed Jun 16, 2010 5:35 pm
A furniture dealer purchased a desk for 150, and then set the selling price equal to the purchase price plus a markup that was 40% of the selling price. If the dealer sold the desk at the selling price, what was the amount of the dealer's gross profit fromthe purchase and the sale of the desk?

40
60
80
90
100


soln: dealer purchase price =150
selling price put by dealer sp= 150+ 40%of sp
sp= 150+(40/100)*sp
sp= 150+0.4 sp
0.6 sp= 150
sp= (150/0.6)=250


so dealer gross profit = Selling price - purchase price
= 250 - 150
=100
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by ssuarezo » Wed Jun 16, 2010 6:33 pm
amising6 wrote: soln: dealer purchase price =150
selling price put by dealer sp= 150+ 40%of sp
sp= 150+(40/100)*sp
sp= 150+0.4 sp
0.6 sp= 150
sp= (150/0.6)=250


so dealer gross profit = Selling price - purchase price
= 250 - 150
=100
Thanks again Amising6
It seems so logic when I see it: if I take 40% of SP as a markup, then 150 is the 60% ... I completely missed that part.
Thanks for your time.
Silvia
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by MaRLo » Tue Dec 04, 2012 4:39 am
let S be selling price, and purchasing price = 150

"and then set the selling price equal to the purchase price plus a markup that was 40% of the selling price"

S = 150 + 0.4S

0.6S = 150

S = 250

Gross profit = Selling price - purchase price

= 250-150

= 100
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by Abhishek009 » Wed Jan 16, 2013 10:16 am
ssuarezo wrote:A furniture dealer purchased a desk for 150, and then set the selling price equal to the purchase price plus a markup that was 40% of the selling price. If the dealer sold the desk at the selling price, what was the amount of the dealer's gross profit fromthe purchase and the sale of the desk?

40
60
80
90
100

OA 100

Thanks
Silvia.
S = CP + 0.4S

0.6S = 150

S = 150/0.6 = 250

As we know Sp = Cp + P

So our Profit in this case is 40% of Sp = 40% of 250 => 100..


[ Generally we find problems of Profit on loss where we find profit as a % of Cp , here we gotta find Profit as a % of Sp ]
Abhishek
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