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Gross Profit

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Gross Profit

by Sumit69 » Fri Mar 27, 2009 8:31 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 selling price , what was the amout of the dealers gross profit from the purchase and the sale of the desk.


Please help me solve it.

OA-100
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by sureshbala » Fri Mar 27, 2009 9:29 pm
This is simpe...Ok, let me explain this....

Let the selling price be X.

Given that

Selling Price = Purchase Price + 40% of the Selling Price

i.e X = 150 + 40%(X)

Hence 60%(X) = 150

Thus X = 250.

So the purchase price is 150 and selling price is 250

Hence the profit = 100

Hope this is lucid
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