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ACCOUNT OF SALES.

409. An Account of Sales is an account of goods sold, which a commission merchant or consignee, &c. furnishes to his employer. It contains the quantity and price of the goods disposed of, charges attending the sales, and the net proceeds, or the sum to which the owner, or consignee, is entitled after all charges are deducted.

The names of purchasers are often included in the account of sales, as in Example 1, and sometimes the mark of the box, bale, &c., as in Example 2.

410. The gross amount of sales is the sum of all the quantities at the prices given; and the net proceeds are found by deducting the commission at the given rate, and the other charges, from the gross amount.

Find the commission and net proceeds required in the following

EXAMPLES.

1. Account of sales of flour received by the steamer Calvert, from Baltimore, sold on account of James Taylor, Ellicott's Mills.

Date.

To whom sold.

Description.

Barrels. Price.

1857.
Jan. 1. William Hooper, Superfine, 100 8.00

Sidney Pope, Extra Eagle, 50 7.50
Albert Rollo,

25 7.50 Jan. 3. S. S. Coe, Baltimore, 30 7.00 Feb. 1. J. C. Hill & Co.,

60 7.00
5. G. T. Sampson, Extra Eagle, 25 7.50

$ 2180.00
CHARGES.
Commission on $ 2180.00, at 24 per cent., $49.05
Freight and drayage,

41.63
Advertising,

4.50

$ 95.18 Net proceeds to credit of James Taylor,

$ 2084.82 Errors excepted. Boston, May 15, 1857.

Niles, Marvix, & Co.

2. Sales of goods, made by Haskell, Fargo, & Co., on account of Jones, Boker, & Co., New York.

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66

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1857. Feb. 7. A. 4 casks Sperm Oil, Fall, 208 1.50 B. 3. 13

Winter, 650 1.40 Z. 23 Whale Oil, Crude, 874 .70 Mar. 3. X. 20 bbls. Olive Oil,

320 1.20 19. 10 Turpentine, Spirits, 315 .60 Apr. 11. Y. Z. 10 Varnish,

315 20
12. L. L. 5
Olive Oil,

1571 1.20
12. 4. 10. 2 Varnish,

63 .20

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Commission, 3 per cent., on $
Cartage, cooperage, &c.,

26.00
Storage and insurance,

63.24 Net proceeds due J., B., & Co.,

Errors and omissions excepted. Chicago, August 7, 1857.

HASKELL, FARGO, & Co.

PROFIT AND LOSS.

411. PROFIT AND Loss is the process by which merchants and others estimate their gains or losses in business transactions.

Gains and losses are usually reckoned on the prime first cost of articles.

412. To find the selling price when the cost and the gain or loss per cent. are given.

Ex. 1. If I buy cloth at $ 4 per yard, for how much per yard must I sell it to gain 25 per cent. ?

Ans. $ 5.

OPERATION.

Since the selling price is to be a gain

on the cost of 25 per cent., evidently it $ 4 x 1.25 =

$5, Ans.

must be 125 per cent. of the cost, or

$ 4 x 1.25. RULE. — Multiply the cost price by 1 increased by the gain per cent., or by 1 decreased by the loss per cent., expressed decimally, and the product will be the selling price required.

EXAMPLES 2. If I buy cloth at $5 per yard, for what must I dispose of it per yard to lose 20 per cent. ?

Ans. $ 4. 3. Bargained for cheese at $ 8.50 per cwt. How must it be sold to gain 10 per cent. ?

Ans. $ 9.35 per cwt. 4. Molasses having been bought at 42 cents a gallon, and not proving so good as expected, was sold at a loss of 5 per cent. For what was it sold a gallon ?

5. Bought a house and lot for $ 2500; at what price must it be sold to gain 20 per cent. ?

Ans. $ 3000.

OPERATION.

413. To find the cost when the selling price and the gain or loss per cent. are given.

Ex. 1. If I sell cloth at $ 5 per yard, and thereby make 25 per cent., what was its first cost?

Ans. $ 4 per yard.

Since the gain is.25 per cent. of $ 5.00 1.25

$ 4, Ans.

the cost, the selling price, $5, is

equal to the cost increased by 25 per cent. of the cost, or 1.25 of the cost. Therefore, the cost must be as many dollars as 5 contains times 1.25.

RULE. Divide the selling price by 1 increased by the gain per cent., or by 1 decreased by the loss per cent., expressed decimally, and the quotient will be the cost.

EXAMPLES 2. If I dispose of cloth at $ 4 per yard, and by so doing lose 20 per cent., required the prime cost of the goods ? Ans. $5.

3. Sold 10 barrels of four for $ 96, and made 20 per cent. What was the prime cost a barrel ?

Ans. $ 8. 4. If 274cwt. of sugar be sold at $ 12.50 per cwt., and there is gained 17 per cent., what was the prime cost per cwt. ?

5. Sold wood at $ 6.124 per cord, and by so doing lost 12} per cent. a cord. What was the original cost per cord ?

Ans. $ 7.00

414. To find the gain or loss per cent. when the cost and selling price are given.

Ex. 1. If I buy cloth at $ 4, and sell it at $5 per yard, what per cent. do I gain ?

Ans. 25 per cent.

OPERATION.

$ 5

$ 4 $1; 1.00 • 4 .25, or 25 per cent., Ans. Since the difference between the selling price and the prime cost is $ 1, the gain is of the cost, or, expressed decimally, is .25 of the cost, or 25 per cent. of it.

RULE. Divide the number denoting the gain or loss by that denoting the prime cost, and the quotient, expressed decimally, will be the gain or loss per cent. required.

EXAMPLES.

2. Bought cloth at $7 per yard, and sold it at $ 6.12. What per cent. did I lose?

Ans. 124 per cent. * 3. Bought a chaise for $ 200, and sold it for $ 225. What per cent. did I gain ?

Ans. 121 per cent. 4. I sell a house that cost me $ 2500 at an advance of $ 500. What per cent. do I gain ?

5. Bought 24 yards of cloth for $64.86434, and sold it at $ 2.50 per yard. What per cent is the loss ?

Ans. 71 per cent. 415. The selling price of goods and the rate per cent. of gain or loss being given, to find what the gain or loss per cent. would be, if sold at another price.

Ex. 1. If I sell cloth at $ 5 per yard, and thereby gain 25 per cent., what would have been my gain if I had sold it at $ 7

Ans. 75

per

cent.

We find the prime $ 5.00 = 1.25 = $ 4; $ 7 - - $4= $ 3. cost of the cloth per 3.00 ; 4= .75, or 75 per cent., Ans. yard, when sold at

$ 5, by Art. 413, to be $ 4. We then find what would have been the gain per cent. on the cost, if it had been sold at $ 7 per yard, by Art. 414, and obtain 75 per cent. as the answer.

RULE. Find the prime cost (Art. 413), and then the gain or loss per cent. on this cost at the proposed selling price.

per yard?

OPERATION.

ExAJPLES.

2. If I sell cloth at $ 7 per yard, and thereby gain 75 per cent., do I gain or lose if I sell the same at $ 3 per yard ?

Ans. Lose 25 per cent. • 3. Sold wheat at $ 1.25 per bushel, and lost 15 per cent. What per cent. should I have gained had I sold it for $1.64714

Ans. 12 Yo 4. Sold wheat at $ 1.64714 per bushel, and gained 12 per cent. What per cent. should I have lost had I sold it for $ 1.25

per bushel ?

per cent.

per bushel ?

x 5. I sold a horse for $ 75, and by so doing I lost 25 per cent. ; whereas, I ought to have gained 30 per cent. How much was he sold under his real value ? Ans. $ 55.00. 1, 6. When tea, sold at a loss of 25 per cent., brings $ 1.25 per pound, what would be the gain or loss should it bring $ 1.40 per pound?

Ans. 16 per cent. loss.

MISCELLANEOUS EXAMPLES.

-1. Bought stocks whose par value is $ 100 per share, and sold the same at a premium of 15 per cent., and thereby gained $ 120. How many shares were there? Ans. 8 shares. **2. Mining stock of a par value of $ 250 per share was bought at 9 per cent. premium, and afterwards sold at a loss of $ 25 per share on the price paid. At what rate per cent. was it sold ?

Ans.

per cent. discount. 3. How much greater income may be realized yearly from $ 19200 invested in 7 per cent. stocks purchased at 96 per cent., than from the same amount in 5 per cent. stocks purchased at 80 per

cent. ? 4. The par value of the shares in a certain manufacturing company is $ 250 each, and the regular yearly dividends are $15 a share. At what price should the shares be bought that the investment may pay 10 per cent. interest ?

Ans. $ 150 each.

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