278. Bills discounted. Here is a bill for some goods purchased by a retail merchant from a wholesale dealer.

Chicago, December 17, 19.........

Mr. A. M. Nourse, Joliet, Ill.

Bought of Starr & Tiffany, Jewelers

Make out bills for the following, as on page 125:

1. Bought 40 arithmetics @ 70 ct., 65 geographies @ 90 ct., 25 readers @ 35 ct. Discount 12%, 5%.

2. Bought 3 doz. locks at $4.25, 4 doz. bolts @ $1.10, 2 doz. No. 2478 hinges @ $2.35. Discount 30%, 5%.

3. Bought 4 doz. spoons @ $15, 8 doz. plated tablespoons @ $5, 6 doz. teaspoons @ $10.50. Discount 8%, 5%.

4. Bought 3 doz. pencils @ at 25 ct., doz. rulers @ $1.00, 1 pt. ink @ 25 ct., 4 lb. paper @ 30 ct. Discount 10%.

PROFIT AND LOSS ON PURCHASES

ORAL EXERCISE

1. What is $2.50 with 10% added? with 10% subtracted? 2. What is $1200 with 20% added? with 25% subtracted? 3. A dealer buys some books for $100, and sells them at a profit of 20%. How much does he gain?

4. A dealer buys some cloth for $50, and sells it at a profit of 20%. How much does he gain? What is the selling price?

5. A grocer bought $15 worth of berries, but left them in the sun so long that he had to sell them at a loss of 10%. How much did he lose?

6. A man bought some goods for $100, and sold them for $125. He gained what per cent on the cost? He gained what per cent on the selling price?

7. If a man sells goods at a profit of 25%, the selling price is what per cent of the cost? If at a loss of 25%, the selling price is what per cent of the cost?

279. Computing profit or loss. The per cent of profit or loss is always reckoned on the cost of the goods.

280. Illustrative problems. 1. A man buys goods at $40 and sells them at a profit of 20%. What is the selling price?

1. 20% of $40 = $8, profit.

2. $40+ $8 = $48, selling price.

2. A man buys goods at $60 and sells them at $40. He loses what per cent?

ORAL EXERCISE

1. A hat dealer buys hats at $48 a dozen and sells them at $5 each. What is his per cent of profit?

2. A grocer buys starch at 50 ct. a box and sells it at 10% profit. What is the selling price?

3. A dealer buys stove polish at 3 ct. a cake and sells it at 4 ct. What is his per cent of profit?

4. A grocer buys matches at 48 ct. a dozen boxes and sells them at 54 ct. What is his per cent of profit?

5. A druggist buys some fine soap at the rate of $2.40 a dozen cakes, and sells it at 25 ct. a cake. What is his per cent of profit?

6. Some soap that a druggist bought at $1.50 a dozen cakes is damaged by dampness, so he sells it at 10 ct. a cake. What is his per cent of loss?

WRITTEN EXERCISE

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1. A grocer pays $12 a gross for boxes of starch. sells the starch at 10 ct. a box. What is his per cent of profit?

2. He buys washing powder in 1-lb. packages at $5.88 a gross, and sells it at 5 ct. a package. What is his per cent of profit?

3. Some of this washing powder that he bought at $5.88 a gross was damaged and had to be sold at 4 ct. a package. What was the per cent of loss?

4. A dealer bought 150 bags of salt, 56 lb. to the bag, for $63. He sold of the salt at the rate of 1 ct. a pound, and the rest at the rate of 2 lb. for a cent. Did he gain or lose, and what per cent?

SOME PROBLEMS OF THE GROCER

ORAL EXERCISE

1. If I buy olives at $2.50 a dozen bottles, at what rate must I sell them to gain 20%? 30%?

2. If I buy mustard in bottles at $14.40 a gross, how much do I pay a bottle? If I sell it at 15 ct., what per cent do I gain? Suppose I sell it at 20 ct.?

3. If I buy pickles at $1.80 a dozen bottles, and wish to sell them so as to gain 331%, at what price per bottle must I sell them? Suppose I wish to gain 20%?

4. Boneless codfish costs me 36 ct. a box. Some of it is damaged so that I have to sell it at a loss of 25%. At what price per box do I sell it? Suppose the loss were 50%?

WRITTEN EXERCISE

1. Macaroni costs me, in packages, $15 a gross. I sell it at 12 ct. a package. What per cent do I gain?

2. Gelatin costs me $11.52 a gross, in packages. At what rate per package must I sell it to gain 25%?

3. I buy allspice at the rate of $9 for 60 lb. I sell it at a profit of 334%. At what price per pound do I sell it?

4. I pay $40.32 a gross for 1-lb. boxes of pepper, and I sell it at 35 ct. a box. What per cent do I gain?

5. Some packages of oatmeal crackers that cost me $10.80 a gross are damaged, and I have to sell them at 6 ct. a package. What per cent do I lose?

6. I buy 500 lb. of California prunes for $45, and sell 400 lb. at a profit of 33%, and the rest at a loss of 50%. Do I gain or lose, and how much?

SOME PROBLEMS OF THE DRY GOODS MERCHANT

ORAL EXERCISE

1. Silk that costs me 90 ct. a yard must be sold at what price to allow me 30% profit?

2. If I sell at $1.75 a yard lace that cost me $1.50 a yard, what per cent do I gain?

3. Some flannel that cost me 48 ct. a yard I am selling at 60 ct. a yard. What per cent do I gain?

4. Gloves that cost me $160 per 100 pairs I am selling at $1.80 a pair. What per cent do I gain?

5. If I pay $500 for 100 pieces of ribbon, 10 yd. in a piece, and sell it at 65 ct. a yard, what per cent do I gain?

WRITTEN EXERCISE

1. Some buttons that cost me $1.08 a gross I am selling at 12 ct. a dozen. What per cent do I gain?

2. I buy 525 yd. of lawn for $94.50, and sell it at a profit of 33%. At what price per yard do I sell it?

3. I buy hooks and eyes at $10 a gross of papers, and sell them at 9 ct. a paper. What per cent do I gain?

4. I pay $288 for 480 yd. of taffeta silk, and I sell it at 75 ct. a yard. How much do I gain, and what per cent?

5. In order to close out some gloves that cost me $9.60 a dozen pairs, I am selling them at 75 ct. a pair. What per cent do I lose?

6. I buy at an auction sale 252 yd. of embroidery for $20.16. I mark it 25% above cost, but because there is no sale for it I take off 10% from this price and thus sell it. Do I gain or lose, and how much?