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If the cost price of an item is $300 and it is sold for $360, what is the profit

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Question: If the cost price of an item is $300 and it is sold for $360, what is the profit in dollars?

Options:

  1. $50
  2. $60
  3. $70
  4. $80

Correct Answer: $60

Solution: 

Profit = Selling Price - Cost Price = 360 - 300 = 60.

If the cost price of an item is $300 and it is sold for $360, what is the profit

Practice Questions

Q1
If the cost price of an item is $300 and it is sold for $360, what is the profit in dollars?
  1. $50
  2. $60
  3. $70
  4. $80

Questions & Step-by-Step Solutions

If the cost price of an item is $300 and it is sold for $360, what is the profit in dollars?
  • Step 1: Identify the cost price of the item, which is $300.
  • Step 2: Identify the selling price of the item, which is $360.
  • Step 3: Use the profit formula: Profit = Selling Price - Cost Price.
  • Step 4: Substitute the values into the formula: Profit = 360 - 300.
  • Step 5: Calculate the profit: 360 - 300 = 60.
  • Profit Calculation – Understanding how to calculate profit by subtracting the cost price from the selling price.
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