Question
Download Solution PDFA shopkeeper bought 320 kg of rice at the rate of Rs.115 per kg. He sold 80% of the total quantity at the rate of Rs.160 per kg. At what price per kg should he sell the remaining quantity to make 60% overall profit? (In Rs.)
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Total quantity = 320 kg
Cost price per kg = ₹115
80% of 320 kg = 256 kg sold at ₹160/kg
Remaining = 320 - 256 = 64 kg
Overall profit required = 60%
Formula Used:
Total cost price = Quantity × Cost per kg
Required selling price = Cost price + 60% of cost price
Use total SP = SP1 (for 256 kg) + SP2 (for 64 kg)
Calculation:
Total CP = 320 × 115 = ₹36,800
Required total SP = 36,800 + (60% of 36,800) = 36,800 + 22,080 = ₹58,880
SP for 256 kg = 256 × 160 = ₹40,960
SP needed from 64 kg = 58,880 - 40,960 = ₹17,920
Price per kg for remaining = 17,920 ÷ 64 = ₹280
∴ He should sell the remaining quantity at ₹280 per kg.
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