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A man sells two articles for $120 each. If he makes a profit of 20% on the first

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Question: A man sells two articles for $120 each. If he makes a profit of 20% on the first and a loss of 20% on the second, what is his overall profit or loss percentage?

Options:

  1. 0%
  2. 5%
  3. 10%
  4. 20%

Correct Answer: 5%

Solution: 

Cost price of first article = 120 / 1.2 = $100. Cost price of second article = 120 / 0.8 = $150. Total cost price = 100 + 150 = $250. Total selling price = 120 + 120 = $240. Overall loss = 250 - 240 = $10. Loss percentage = (10 / 250) * 100 = 4%.

A man sells two articles for $120 each. If he makes a profit of 20% on the first

Practice Questions

Q1
A man sells two articles for $120 each. If he makes a profit of 20% on the first and a loss of 20% on the second, what is his overall profit or loss percentage?
  1. 0%
  2. 5%
  3. 10%
  4. 20%

Questions & Step-by-Step Solutions

A man sells two articles for $120 each. If he makes a profit of 20% on the first and a loss of 20% on the second, what is his overall profit or loss percentage?
  • Step 1: Understand that the man sells two articles for $120 each.
  • Step 2: Calculate the selling price of the first article, which is $120.
  • Step 3: Since he makes a profit of 20% on the first article, use the formula: Cost Price = Selling Price / (1 + Profit Percentage).
  • Step 4: For the first article, calculate the cost price: Cost Price = 120 / 1.2 = $100.
  • Step 5: Now, calculate the selling price of the second article, which is also $120.
  • Step 6: Since he incurs a loss of 20% on the second article, use the formula: Cost Price = Selling Price / (1 - Loss Percentage).
  • Step 7: For the second article, calculate the cost price: Cost Price = 120 / 0.8 = $150.
  • Step 8: Add the cost prices of both articles to find the total cost price: Total Cost Price = 100 + 150 = $250.
  • Step 9: Add the selling prices of both articles to find the total selling price: Total Selling Price = 120 + 120 = $240.
  • Step 10: Calculate the overall loss by subtracting the total selling price from the total cost price: Overall Loss = 250 - 240 = $10.
  • Step 11: To find the loss percentage, use the formula: Loss Percentage = (Loss / Total Cost Price) * 100.
  • Step 12: Calculate the loss percentage: Loss Percentage = (10 / 250) * 100 = 4%.
  • Profit and Loss Calculation – Understanding how to calculate profit and loss percentages based on selling price and cost price.
  • Percentage Change – Applying percentage formulas to determine overall profit or loss.
  • Total Cost and Selling Price – Calculating total cost and selling price for multiple items to find overall profit or loss.
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