Question

Wally was a farmer who raised crops. Last year he planted 3 acres of soybeans. He paid $100 for the seed and $200 for fertilizer. A part-time worker helped him plant and harvest. The man's labor cost a total of $500. The crop yielded 700 bushels of soybeans, and Wally sold them for $2.03 a bushel. How much did W ally profit on his soybeans last year?

Answer 1

$621

Explanation:

-Profit is the net amount after deducting the total expenses from the sales revenue realized.

-Wally's expenses are:

`E=100+200+500\\\\=800`

-Wally's sales revenue is:

`R=sp* w, sp-selling \ price, w= bushels\\\\=700* 2.03\\\\=1421`

The profit made is therefore calculated as:

`P=R-E\\\\=1421-800\\\\=621`

Hence, Wally's profit last year was $621