A shopkeeper bought 100 eggs for N800.00. Out of them, 20 were cracked. He sold the cracked eggs N12 each and the rest as N20 each. Calculate the profit or loss percent.
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Sure! Let's calculate the profit or loss percent step by step.
Step 1: Calculate the total cost of the cracked eggs.
The shopkeeper bought 100 eggs for N800.00, so the cost of each egg is N800.00 divided by 100, which equals N8.00.
Out of the 100 eggs, 20 were cracked, so the cost of the cracked eggs is 20 times N8.00, which equals N160.00.
Step 2: Calculate the total cost of the remaining eggs.
Out of the initial 100 eggs, 20 were cracked, so he had 100 - 20 = 80 good eggs left.
The cost of each good egg is still N8.00 because the shopkeeper bought all the eggs at the same price.
So, the total cost of the remaining eggs is 80 times N8.00, which equals N640.00.
Step 3: Calculate the total selling price of the cracked eggs.
The shopkeeper sold the cracked eggs at N12.00 each, and there were 20 cracked eggs in total.
So, the total selling price of the cracked eggs is 20 times N12.00, which equals N240.00.
Step 4: Calculate the total selling price of the remaining eggs.
The shopkeeper sold the remaining eggs at N20.00 each, and there were 80 good eggs left.
So, the total selling price of the remaining eggs is 80 times N20.00, which equals N1600.00.
Step 5: Calculate the profit or loss made.
The total cost of all the eggs was N800.00 (N640.00 for the remaining eggs and N160.00 for the cracked eggs).
The total selling price of all the eggs was N240.00 (N1600.00 for the remaining eggs and N240.00 for the cracked eggs).
To calculate the profit or loss, we subtract the total cost from the total selling price:
Profit or Loss = Total Selling Price - Total Cost
Profit or Loss = N240.00 - N800.00
Profit or Loss = N-560.00
Since the result is negative, it means there was a loss of N560.00.
Step 6: Calculate the profit or loss percent.
To calculate the profit or loss percent, we use the formula:
Profit or Loss Percent = (Profit or Loss / Cost Price) x 100
In this case, the cost price is N800.00, and the loss is N560.00.
Profit or Loss Percent = (N-560.00 / N800.00) x 100
Profit or Loss Percent = -70%
Therefore, the shopkeeper incurred a loss of 70%.