Question

A little shop sells Christmas toys. The wholesale price for each toy in a consignment of 50 toys was $5.5. Half of this quantity was sold before Christmas for the sales price of $15 per piece. two-fifth of the remaining toys have been sold in the next six days for half of the sales price. Finally, the rest of toys have been sold after the New Year for one-third of the sales price. What was the profit the shop made on selling these toys?

Answer 1

`Profit = \$250`

Explanation:

Given

Number of Toys = 50

Unit Cost Price = $5.5

Unit Selling price = $15

Required

Determine the profit after sales

First, we need to determine the total cost price;

`Cost\ Price = Number\ of\ toy *\ Unit\ cost\ price`

`Cost\ Price = 50 * \$5.5`

`Cost\ Price = \$275`

First, we need to determine the total sales;

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Half of the toy was sold at $15;

`Half\ of\ the\ toy = (1)/(2) * 50`

`Half\ of\ the\ toy = 25`

`Sales = \$15 * 25`

`Sales = \$375`

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Two-fifth of the remaining was sold at half of the sales price

From the above calculation;

`Remaining\ Toy = 50 - 25`

`Remaining\ Toy = 25`

Calculating Two-fifth of the remaining:

`(2)/(5) * 25`

`= (50)/(5)`

`= 10`

Calculating half of the sales price:

`(1)/(2) * \$15`

`\$7.5`

This means that 10 toys were sold for $7.5

`Sales = 10 * \$7.5`

`Sales = \$75`

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The remaining was sold at one-third of the sales price

From the above calculations (1 & 2);

`Remaining\ Toy = 50 - 25 - 10`

`Remaining\ Toy = 15`

Calculating one-third of the sales price:

`(1)/(3) * \$15`

`\$5`

This means that 15 toys were sold for $5

`Sales = 15 * \$5`

`Sales = \$75`

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Now the total sales can be calculated;

`Total\ Sales = \$375 + \$75 + \$75`

`Total\ Sales = \$525`

`Profit = Total\ Sales -\ Cost\ Price`

`Profit = \$525 -\$275`

`Profit = \$250`