What is barter?

REVIEW.

What will you first do when you wish to barter one commodity for another? What is the first rule ? After having found the value of the article you wish to exchange, how will you find the answer? Repeat the second rule, and explain its operation.

PROFIT AND LOSS.

THIS rule is used to find the profit or loss sustained in the purchase or sale of property of every description, and to adyance or reduce the value of any article so as to gain or lose so much per cent.

When property or an article is purchased at a certain price, and is to be sold at any other price, either more or less, to ascertain the profit or loss on the whole work by the following rule.

RULE I.

1. Find the whole amount of the cost. 2. Find the amount it sold for. 3. Then if the sum it sold for be more than the cost, subtract the sum it cost from the sum it sold for, and the remainder will be the profit. 4. But if it sold for less than it cost, subtract the sum it sold for from the sum it cost, and the remainder will be the loss.

QUESTIONS.

1. A. purchased 50lb. of cheese at 12.5c. per pound, and sold it for 15c. per pound; what is the profit on the whole ?

Or thus,

15c.

12.5c.

2.5 gain per pound.
50 pounds.

D1.25 profit.

2. Purchased 1296lb. of sugar at 9c. per pound, and sold it at 11.5c. per pound; what is the profit on the whole ?

Ans. D32.40. 3. When 250 bushels of wheat are purchased at D1.25 per bushel, and sold for D1.31.25 per bushel; what is the profit on the whole?

Ans. D15.62.5. 4. If you purchase 180 bushels of rye at D0.934 per bushel, and sell it for D1.02; what is the profit on the whole ?

Ans. D15.75. 5. If 1500 pounds of ham cost 12.5 cents per pound, and is sold for 18.75 cents per pound, what is the profit on the whole ? Ans. D93.75.

6. If a merchant should purchase 1150 bushels of corn, at 87.5c. per bushel, and sell it at 85c. per bushel, what would his loss be on the whole? Ans. D28.75. 7. If you purchase 25 barrels of flour at D9 per barrel, and sell it for 5c. per pound, will you gain or lose, and how much? Ans. D20, gain.

8. If a hogshead of sugar weighing 9cwt. 2qr. cost D120, and be sold for 10c. per pound, what is gained or lost on the whole ? Ans. D13.60, lost.

9. A merchant purchased 30 yards of broadcloth at D4.75 per yard, and sold it for D5.06.75; required the profit on the whole. Ans. D9.52.5. 10. A. paid D130 for a pipe of wine, which he sold for D1.02 per gallon; did he gain or lose, and how much on the whole ? Ans. I.48, lost.

When property is purchased or sold, to know what is gained or

lost

per cent.

RULE II.

The price it cost is the first term; the difference of what it cost and what it sold for is the second term; and 100 is the third term; then work by simple proportion.

11. Bought 120 bushels of oats at 50c. per bushel, and sold them for 55c. per bushel; what was the gain on the whole, and gain per cent.?

12. Bought a yard of linen cloth for 37.5c. and sold it for 32c., what is the loss per cent. ?

Ans. 14.6c. per cent. 13. If I pay 25 cents per pound for butter, and purchase 550 pounds, then sell the same for 31 cents per pound, what do I gain on the whole, and how much per cent. ?

Ans. D33, and 24 per cent. 14. A. paid D225 for 200 pounds of tea, and sold it for D1.05 per pound; did he gain or lose? and how much, and what per Ans. Lost D15, which is 63 per cent. 15. Bought 150 pounds of pork for D11.50, and I wish to gain D2.50 profit; how much must I sell it for per pound?

cent.?

Ans. 9c. 3m. 16. Purchased 200 pounds of tallow for D18, and sold it for D25; how much did I get per pound, and how much profit per cent.? Ans. 12.5c. per pound, and 39 per cent.

The prime cost and the profit or loss per cent. given, to find what it sold for.

RULE III.

D100 is the first term; the prime cost is the second term; and D100, with the gain added, or loss subtracted, is the third term; and the quotient is the answer.

17. If a bushel of corn cost 50c., what must it be sold for to gain 25 per cent.? Thus: 100: 50 :: 125: 62.5c. Ans.

L

18. If I purchase sheeting at 8c. per yard, at what price. must it be sold to gain 25 per cent.?

19. At 25c. profit on a dollar, how much per cent. ?

Ans. 10c.

Ans. 25 per cent. 20. If I purchase wine at D1.05 per gallon, how must I sell it to gain 30 per cent. ? Ans. D1.36.5.

When the profit or loss per cent. is given, with the selling price of the article, to find the prime cost.

RULE IV.

D100 with the gain per cent. added, or loss per cent. subtracted, is the first term; D100 is the second term; the prime cost is the third term.

21. If by selling wheat at D5 there is 25 per cent. gained, what is the first cost?

Thus: 100+25=125 : 100 :: 5 : D4. Ans. 22. If in purchasing cloth at D30 there is 10 per cent. gained, what was the prime cost? Ans. D27.27.2. 23. If I sell a bushel of oats for 45c. and lose 10 per cent., required the prime cost.

Ans. 50c. 24. If I sell rye at 87.5c. and lose 12.5 per cent., how much did it cost? Ans. D1.00. The selling price and the gain or loss per cent. given, to find what would be the profit or loss per cent. if sold at any other price.

RULE V.

The first price is the first term; the second price is the second term; D100 with the gain per cent. added or loss per cent. subtracted, is the third term; the quotient is the answer.

25. A person sold a yard of cloth for D2.23, and gained 10 per cent.; if he had sold it for D2.75, what would have been the gain per cent. ?

Thus: 2.23: 2.75 :: 110: D135.65-D100-35 per ct. Ans. 26. Bought a hogshead of molasses containing 119 gallons at 52c. per gallon, paid for transportation D1.21, and by accident 9 gallons leaked out; at what rate must I sell the remainder gallon to gain D13 on the first cost?

per Ans. 69.17c.

27. If I purchase 12cwt. 2qrs. of rice at D3.45 per cwt. and sell it at 4c. per pound, what is my profit? Ans. D12.87.5. 28. Bought lcwt. of cotton for D34.86 and sell it for 41.5 per pound; what do I gain or lose, and what per cent. ?

Ans. Gain D11.62, and 33.3 per cent.

29. If by selling cloth at D3 25 per yard, I lose at the rate of 20 per cent., what is the prime cost of said cloth per yard? Ans. D4.06.25 30. Bought a chest of tea weighing 475lb. for D420 and solc the same for D350; how much did I lose on the pound?

Ans. 14.7c.

31. Bought cloth at D1.25 per yard, which proving bad, 1 wished to sell it at a loss of 18 per cent.; how much must I ask per yard?

32. Bought a cow for D30 cash, and sold her for D35 at a credit of 8 months; reckoning interest (on D35) at 6 per cent. how much did I gain ?

33. 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? Ans. D2.05+

34. A tailor bought 60 yards of cloth at D4.50 per yard, and 38 yards at D2.50 per yard, and sold the whole quantity at D4.25 per yard; did he gain or lose, and what per cent.?

Ans. Gained D51.50, and D14.11 gained per ct. (on D100). 35. A. purchased cloth at D2.50 per yard, but being damaged he is willing to lose 17 per cent. on it; how must he sell it per yard? Ans. D2.06.25. 36. If I buy a bale of cotton weighing 8cwt. 20lb. at a cost of D45.55, how must it be sold per cwt. to lose 8 per cent, by it?

REVIEW.

What do you understand by profit and loss? In what cases can you apply the several rules? When an article is purchased at a certain price, and is sold at any other price, how will you ascertain the profit or loss? Repeat rule 1. When property is sold, to know what is gained or lost per cent., how will you proceed? What is rule 2? What will you do when the prime cost and the profit or loss per cent. are given, to find what it sold for? Repeat rule 3, and give an example in this rule. When the profit or loss per cent. is given with the selling price of the arti cle, to find the prime cost, what is to be done? What is rule 4?

When the selling price and the gain or loss per cent. are given, to find what would be the profit or loss per cent. if sold at any other price what is to be done? Repeat rule 5. Now solve the following question :--

37. I sold a watch for D50, and by so doing, lost D17 per cent., whereas in trading I ought to have cleared D20 per cent.; how much was it sold under its real value? Ans. D22.28.8.