RELATED PROBLEMS 326. 1. A dealer bought 150 barrels of apples at $1.60 a barrel, and sold them at $1.90. by the transaction, if he paid 10 selling? How much did he gain a barrel for buying and 2. A grocer bought 500 crates of Elberta peaches at 90 a crate. Picking and packing cost 15 a crate; freight and drayage charges amounted to $47.50. How much did he gain by selling them for $650, if he paid a commission merchant 2% for selling them? 3. A woolen mill buys 10,000 lb. of wool at 28¢ a pound in one lot, and 15,000 lb. at 32 in another. If drayage, storage, and other expenses amount to $380, what is the total cost, including a commission of 1%? 4. A produce dealer bought 250 barrels of pork at $12.35 a barrel and sold it at $12.50 a barrel. If he paid the commission merchant through whom he bought and sold 5 a barrel for his services, how much did he gain? 5. What is the cost of 1600 bu. of corn, quoted at 625¢ a bushel, if bought through a broker whose charge for buying is a bushel? 6. A man buys 3000 bu. of wheat at 831 a bushel and sells it at 871. If he pays a bushel to a broker for buying and the same for selling, how much does he gain? 7. A jobber buys 250 sacks of coffee (130 lb. to the sack) at 81⁄2¢ a pound, and sells it at 101 a pound. If he pays a commission of $10 to an agent through whom he buys, what is his gain? 8. A merchant buys 5 car loads of flour, 150 barrels to the car, at $4.60 a barrel. If freight is $32 a car, for how much must he sell it in order to gain 25 a barrel? PROFIT AND LOSS 327. In transactions involving a purchase and a sale, there may be a profit or a loss. When the selling price exceeds the cost, there is a profit; when the selling price is less than the cost, there is a loss. To understand the subject clearly, we must remember that (1) cost price = the base; (2) profit or loss = the percentage; (3) selling price = the base + the percentage, or the base the percentage. ORAL EXERCISES 328. 1. Marvin paid $100 for a pony, and sold it for $120. How much did he gain? What per cent? 2. A man bought an organ for $100, and sold it at a profit of 25%. How much did he gain? 3. A merchant paid $20 for an overcoat, and sold it at a loss of 10%. How much did he lose? 4. Owen bought a bobsled for $15, and sold it for $24. What per cent on the cost did he gain? 5. If a hat cost $2, what per cent is gained by selling it for $3? 329. The per cent of profit or loss is always estimated on the cost as the base. WRITTEN EXERCISES 330. 1. A man bought a town lot for $250, and sold it for $300. What per cent did he gain? = $300-$250 $50, the gain. $50 ÷ $250 = .20, or 20%. (See Art. 314.) Observe that we find the per cent of gain by dividing the gain by the cost, How would you find the per cent of loss? 2. A dealer bought 10 cows at $30 each, and sold How much did he gain? What per them at $35 each. cent did he gain? 3. A man bought an automobile for $650, and after using it 30 days sold it at a loss of 15%. How much did he get for it? 4. A druggist buys toilet soap at $1.80 a dozen, and sells it at 25 a cake. What per cent does he gain? 5. A dealer bought 12 lb. of tea for $7.20, and sold of it at 65 a pound and the remainder at 55 ¢ a pound. Did he gain or lose, and what per cent? 6. At the close of a season a milliner sold 5 hats at $1.50 each. If they cost $30 a dozen, what per cent did she lose? 7. What per cent does a merchant gain by selling cloth. at $1.20, if it cost 90 a yard? 8. If a merchant buys 25 lb. of evaporated apricots at 10¢ a pound, at what price per pound must he sell them in order to gain 25% ? 9. A stationer bought 1 ream of paper for $1.20, and sold it at 10 a quire. What per cent did he gain? 10. If a gross of pens cost 75%, at what price per dozen must the dealer sell them to gain 60% ? 11. A drover bought a car load of horses (20 head) for $1500. If the freight, feed, and other expenses amounted to $250, what per cent did he gain on the total cost by selling them at $100 a head? 12. A merchant bought 40 yd. of cashmere at 60 a yard. He sold 24 yd. at a profit of 163%, and the remainder at a profit of 25%. What per cent did he gain on the whole? 13. A merchant estimates the expense of doing business at 10% of the invoice price of goods. What per cent does he net by selling goods invoiced at $100 for $132? 14. A butcher buys 400 lb. of beef at 7 a pound, and retails it at an average of 101 a pound. How much does he gain? What per cent? 15. A furniture dealer sold a suit of oak furniture for $12 less than it was marked, a reduction of 10%. What was it marked? 16. A grocer paid $2.40 for a box of laundry soap containing 100 bars. At what price must he sell each bar in order to gain 25%? 17. A merchant bought 500 bu. of apples at 70¢ a bushel. He stored them 3 months at a cost of 5¢ a bushel per month. If 10% of them rotted, did he gain or lose, and how much, by selling them at $1 a bushel? 18. If a dealer sells a plow for $4.80, thereby making 20%, what did he pay for it? 19. If the cost of manufacturing this plow was $3.20, what per cent did the factory gain by selling it to the dealer? 20. A dealer bought druggets at $90 a dozen, and sold them at $10 each. What per cent did he gain? Find the marking prices of single pieces of the following goods: 21. Handkerchiefs costing $3 a dozen, to gain 40%. REVIEW WORK WRITTEN EXERCISES 331. 1. A dealer bought 100 grammars listed at 60¢ each. If allowed a discount of 20%, what was the amount of the bill? 2. What per cent did this dealer gain by selling these books at list price? 3. A grocer bought 3 cases of peaches (2 dozen cans. to the case) at $4.50 a case, and sold them at 25¢ a can. What per cent did he make? 4. A dealer buys 4-oz. bottles of vanilla extract at $3 a dozen. At what price per bottle must he sell it in order to gain 40% ? 5. A dealer bought 6 dozen pairs of shoes for $180, and sold them at $3 a pair. What per cent did he gain? 6. A grocer bought 40 bu. of sweet potatoes at 60¢ a bushel, and sold them at 25 a peck. If 10% of them rotted, what per cent did he gain? 7. A man bought a farm and sold it the same day for $7540, thereby gaining 16%. Find the cost. 8. An architect drew plans and superintended the building of a residence that cost $3750, for which he charged a commission of 3%. What was his commission? 9. A merchant discounted a bill of $48.54 at the rate of 16%. Find the discount. |