Bissoy.com
Doctors Medicines MCQs Q&A

A trader goes to a wholesaler to buy 500 kg of merchandise. The wholesaler has a weighing balance that reads 1200 gm for a kg. Later, the trader sells 5 kg to a customer after marking up his cost price by 25% (without realizing that he was cheated by the wholesaler). What is the net gain or loss percent for the trader (approximately)?

A trader goes to a wholesaler to buy 500 kg of merchandise. The wholesaler has a weighing balance that reads 1200 gm for a kg. Later, the trader sells 5 kg to a customer after marking up his cost price by 25% (without realizing that he was cheated by the wholesaler). What is the net gain or loss percent for the trader (approximately)? Correct Answer 4.17 % gain

Given:

A trader goes to a wholesaler to buy 500 kg of merchandise 

The wholesaler's weighing balance reads 1200 gm instead of 1 kg 

Trader marking up his cost price by 25% (without realizing that he was cheated by the wholesaler)

Concept used:

Profit = S.P – C.P 

Profit% = (Profit/C.P) × 100

Where,

S.P → Selling price 

C.P → Cost price 

Calculations:

The actual quantity which is bought by trader = (500/1200) × 1000 = 416.66

Let the selling price of merchandise for wholesaler be 100 

The total price which is paid by the trader to the wholesaler for 416.66 kg = 500 × 100 = 50,000 

Per kg cost price of merchandise for the trader = 50000/416.66 ≈ 120 

Cost price of 5 kg = 120 × 5 = 600

Trader marking up his cost price by 25% 

So, The mark price of merchandise = 100 × (125/100) = 125 

The selling price of merchandise for trader = 125 

Selling price of 5 kg = 125 × 5 = 625 

Profit = 625 – 600 = 25 

Profit% = (25/600) × 100 = 4.17%

∴ The net gain for trader is 4.17%

Related Questions

The bar graph given below shows the cost price and selling price of 5 articles. Profit amount = Selling price – Cost price Loss amount = Cost price – Selling price Profit percent/Loss percent = [(Profit/Loss)/Cost price] × 100 Which of the following statement(s) is/are not correct? I. If the cost price of A and E gets interchanged, then there will be a loss of 24 percent on E. II. Profit earned on D is 25 percent.
Rita, Sarita, Shyam, Raj, Raman and Rahul are six different persons who are going to buy different mobiles – Nokia, Vivo, Oppo, Iphone, Jio and Xioami in different months – January to June (but not necessarily in the same order). Raj will buy Jio mobile but not in February. Sarita will neither buy Vivo mobile nor Nokia. One of the people will buy Oppo in March. Sarita will buy mobile just immediate after Raj. Rahul will buy mobile immediate before Raj. Rahul will neither buy Vivo, Oppo nor Nokia. Shyam will not buy Oppo but will buy mobile immediate after Raman. Raman will neither buy Nokia nor Iphone. Which of the following combination is not correct?
The cost price of an item is INR 500. The manufacturer sells it to the wholesaler at a profit of 20% and the wholesaler sells it to the retailer at 30% profit and the retailer sells it to the customer at 50% profit. Find the cost price of item for the customer. 
Four engineers, designated as CE, SE, EE and AE, read a certain number of newspapers early in the morning. One of them reads four newspapers, another reads three newspapers, the third reads two newspapers while the fourth one reads one newspaper. Below are some additional facts regarding the names of these officers. a) N is not the EE b) H is the AE c) N is not the CE and he reads more number of newspapers than L d) The one who is the CE reads more number of newspapers than L e) The person who is the SE reads the maximum number of newspapers f) B does not read two newspapers Which of the following statements is necessarily true?
A wholesaler sells crockery set to a trader at a profit of 30% and the trader sells it to a customer at a profit of 25%. If the customer pays Rs. 4225, which of the following is correct? I. SP for the wholesaler is Rs. 3280 II. CP for the wholesaler is Rs. 2400
A shopkeeper has 11 books of same cost price. He sells the first book at certain price, then he sells second book at a price which is Rs. 1 less than the selling price of first book and then he sells third book at a price which is Rs. 1, less than the selling price of second book. Following this pattern, he sold all 11 books. If he sells sixth book at its cost price. Find the over-all percent profit or loss on selling all 11 books = ?
A manufacture sells the product to a wholesaler at 6% profit, the wholesaler sells the product to a retailer at 8% profit and the retailer sells the product to his customer at 10% profit. The price paid by the customer is Rs. 31,482. The cost of the product to the manufacturer is∶
Consider the following with respect to India's merchandise trade In the world, India's merchandise export is largest to U.A.E followed by China In Asia, India's merchandise export is largest to U.A.E followed by China In Asia, India's merchandise import is largest from China followed by U.A.E Select the correct code answer using the code below
A cinema house has 600 people. \(26\frac{2}{3}{\rm{\% }}\) People buy premium tickets and \(33\frac{1}{3}{\rm{\% }}\) People buy gold tickets and 40% of people buy platinum tickets. Only 5% of people buy both platinum and gold tickets and 10% of people buy both premium and platinum tickets and \(6\frac{2}{3}{\rm{\% }}\) of people buy both premium and gold tickets and 30 people buy all three types of tickets. Find the number of people who buy only one type of ticket.
A wholesaler sells a watch to a retailer at a gain of 20% and the retailer sells it to a customer at a loss of 10%. If the customer pays Rs 874.80, what had it cost the wholesaler?