Final answer:
The cost of the sheep is £40 and the cost of the goat is £80. The selling price of the sheep is £100. The percentage profit on the sheep is 150%.
Step-by-step explanation:
Let's start by assigning variables:
Let the cost of the sheep be S and the cost of the goat be G.
From the given information, we know that:
The total price of both animals is £120: S + G = £120
The goat was twice the price of the sheep: G = 2S
The combined price of both animals when sold is £180: S + G = £180
Using the given equations, we can solve for the values of S and G.
Substituting the value of G from equation 2 into equation 1: 2S + S = £120
Simplifying: 3S = £120
Dividing both sides by 3: S = £40
Substituting the value of S into equation 2 to find G: G = 2(£40) = £80
Now we know that the cost of the sheep is £40 and the cost of the goat is £80. We also know that the combined price when sold is £180. To find the profit on the sheep, we need to calculate the difference between the selling price and the cost price of the sheep:
Profit on sheep = Selling price of sheep - Cost price of sheep
The selling price of both animals is £180 and the cost price of the goat is £80. So, the selling price of the sheep is £180 - £80 = £100.
Profit on sheep = £100 - £40 = £60
Finally, to find the percentage profit on the sheep, we divide the profit by the cost price of the sheep and multiply by 100:
Percentage profit on sheep = (Profit on sheep / Cost price of sheep) * 100
Percentage profit on sheep = (£60 / £40) * 100 = 150%