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Question
Brinda purchased 18 coats at the rate of Rs 1,500 each and sold them at a profit of 6%. If customer is to pay sales tax at the rate of 4%, how much will one coat cost to the customer and what will be the total profit earned by Brinda after selling all coats?
Solution
Given, the cost price of each coat = Rs. 1500
Also, the total number of coat purchased = 18
⇒ We need to find out the cost of each coat and profit earned by brinda.
Now, we know that the total cost of 18 coats = Total number of coats × Cost of each coat.
⇒ Total cost of 18 coats = 18 × 1500 = 27000
⇒ Gain% = 6%
Now, we know that
Gain = `(("Gain"%) xx "Cost price")/100`
⇒ Gain = `(6 xx 27000)/100 = 1620`
Now, we know that Selling price = Gain + Cost price
⇒ Amount received by brinda = 1620 + 27000 = 28620
Customer pay sales tax = 4%
Now, we know that the Total Sales Tax = Cost × Sales Tax
⇒ Total Sales Tax = `(28620 xx 4)/100 = 1144.8`
Now, The cost price with the sales tax Total Cost = Cost + Total Sales Tax.
⇒ Total cost with sales tax = 28620 + 1144.8 = Rs. 29764.8
Cost Price of one coat = `"Total cost"/"Number of coats"`
⇒ Cost price of one coat = `29764.8/18` = Rs. 1653.6
⇒ Profit earned by Brinda = 28620 – 27000 = 1620
Hence, Brinda earned the profit of 1620.
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