Examples. 1. A grocer received $750, to expend in the purchase of flour. Allowing 7 per cent. commission, what did he pay for the flour? 2. A merchant at Chicago sends to his agent in New York $5413.05, with directions to buy coffee, and to charge a commission on the money expended of 3 per cent.: what was the amount of commission? 3. What value of stock can be purchased for $20119, if a commission of 51⁄2 per cent. be allowed on its cost? 4. How many barrels of flour, at $7 a barrel, can be bought for $2657.20, if 4 per cent. commission be allowed on the money paid? 5. A merchant in New York receives from Boston $25000, to be expended in flour; he was allowed a commission of 21 per cent. on the money paid: what was the amount of commission? 6. A merchant in New York sends $12600 to a commission merchant in Chicago for the purchase of flour; the latter charges 5 per cent. commission: what amount was expended in buying the flour, and what was the commission ? 7. A commission merchant in New York received $5000 from Cincinnati for purchasing dry goods; he charged a commission of 3 per cent. on what he paid: what commission was received? 8. In a given time, a sum of money, placed at interest, had increased 17 per cent., and amounted to $5679.45: what was the sum of money at interest? 9. A merchant is directed to expend $5642.48 in the purchase of cloth; he is allowed a commission of 21 per cent. on what he pays for the cloth, and charges in addition 1 per cent. for storage: how much did he lay out in cloth? 10. A merchant in New Orleans received from New York $21630, with orders to invest in cotton, allowing a commission of 2 per cent.; marine insurance, 14 per cent.; cartage and freight, 1 per cent.: what amount was laid out in buying cotton, and how much was bought, at 15 cents per lb.? PROFIT AND LOSS, 263. PROFIT AND Loss are commercial terms, indicating gain or loss in business transactions. always estimated on the cost price. The gain or loss is 264. To find the gain or loss, when the cost and selling price are given. 1. Bought a piece of cloth, containing 75 yards, at $5.25 per yard, and sold it at $5.75 per yard: how much was gained in the trade? Rule. Find the difference between the cost and selling price, and the remainder will be the gain or loss. Examples. 1. A merchant bought a horse for $175.50, and sold it for $215 what was the gain? : 2. A merchant bought a ship for $7500, and paid $1900 for repairs; he then sold it for $12000: what was the gain? 3. Bought a hogshead of brandy at $1.25 per gallon, and sold it for $78: was there a loss or gain? 265. To determine the selling price, when the cost and gain or loss are known. 1. Bought a piece of calico, containing 56 yards, at 27 cents a yard what must it be sold for a yard, to gain. $2.24? 263. What do the terms Profit and Loss indicate? On what is the gain or loss estimated? Rule. Add the gain to the cost, or deduct the loss, and the sum or difference will be the selling price. Examples. 1. If a hogshead of wine cost $159: for what must it be sold, per pint, that there may be a gain of 50 cents per gallon? 2. A house cost $4750: for what must it be sold, that the owner may realize $600, after paying his agent a commission of $65? 3. A merchant, in selling 500 bushels of corn, which cost $236, lost $45: what did he obtain per bushel? 4. For what must a farm, which cost $7960, be sold, that the owner may realize $1800, after paying to his agent a commission of $50? 266. To find the gain or loss, when the cost and rate per cent. of gain or loss are known. (Rule, Art. 257.) Examples. 1. What is the gain on $3750, at 6 per cent.? 2. What would be the gain in the sale of a house for $12750, at 183 per cent.? 3. A gentleman lost, in the sale of bank-stock that cost $24760, 6 per cent.: what was the loss? 264. How do you find the gain or loss, when the cost and selling price are given? 265. How do you find the selling price, when you know the cost and loss or gain? 266. How do you find the gain or loss, when the cost and rate are known? 4. Bought a piece of cassimere, containing 28 yards, at 14 dollar a yard; but finding it damaged, am willing to sell it at a loss of 15 per cent.: how much must be asked per yard? 5. A merchant purchased 3275 bushels of wheat, for which he paid $3517.10; but finding it damaged, is willing to lose 10 per cent. what must it sell for per bushel ? 6. Bought 50 gallons of molasses, at 75 cents a gallon, 10 gallons of which leaked out. At what price, per gallon, nust the remainder be sold, that I may clear 10 per cent. on the cost of the whole? 7. A merchant buys 158 yards of calico, for which he pays 20 cents per yard; one-half is so damaged that he is obliged to sell it at a loss of 6 per cent.; the remainder he sells at an advance of 19 per cent. : how much did he gain? 267. The cost and selling price being known, to determine the rate per cent. of gain or loss. 1. If I buy coffee at 16 cents, and sell it at 20 cents a pound, how much do I make per cent.? The ANALYSIS.-The gain is 4 cents. gain divided by the cost, gives the rate (Art. 258). Examples. 1. A man bought a house and lot for $1850.50, and sold them for $1517.41: how much per cent. did he lose? 2. A merchant bought 650 pounds of cheese at 10 cents per pound, and sold it at 12 cents per pound: how much did he gain on the whole, and how much per cent. on the money laid out? 3. If I sell a piano, which cost $275, for $315, what was the rate per cent. of gain? 4. A herd of cattle was bought in Kentucky, at an expense of $3750; the cost of transportation was- $250; it was sold in New York, for $5725: what was the rate per cent. of gain, after paying the expense? .25 267. How do you find the rate, when the cost and selling price are known? 268. To find the cost, when the selling price and rate per cent. of gain or loss, are known. 1. I sold a parcel of goods for $195.50, on which I made 15 per cent.: what did they cost me? ANALYSIS.-1 dollar of the cost plus 15 per cent., will be what that which cost $1 sold for, viz., $1.15: hence, there will be as many dollars of cost, as $1.15 is contained times in what the goods brought. OPERATION. 1.15) 195.50 $170 Ans 2. If I sell a parcel of goods for $170, by which I lose 15 per cent., what did they cost? ANALYSIS.-1 dollar of the cost less 15 per cent., will be what that which cost 1 dollar sold for, viz., $0.85: hence, there were as many dollars of cost, as .85 is contained times in what the goods brought. Heuce, to find the cost, OPERATION. .85) 170 $200 Ans. Rule.-Divide the amount received by 1 plus the per cent. when there is a gain, and by 1 minus the per cent. when there is a loss, and the quotient will be the cost. Examples. 1. A carriage was sold for $350, by which a gain of 25 per cent. was made: what was the cost? 280 2. If I sell a parcel of goods for $170, by which I lose 15 per cent., what did they cost? 3. A cargo of wheat was sold for $12500, by which a gain of 25 per cent. was made: what was the amount of net gain, after paying $150 for freight, and $75 for other charges? 4. A commission merchant sold a lot of iron, which had been consigned to him, for $25600, by which a gain of 31 per cent. on the invoice was made: allowing him 5 per cent. commission, what was the net gain? 268. How do you find the cost, when the selling price and rate are known? |