Aptitude - Profit and Loss - Discussion

2. 

A shopkeeper sells some toys at Rs. 250 each. What percent profit does he make? To find the answer, which of the following information given in Statements I and II is/are necessary?

I. 

Number of toys sold.

 II. 

Cost price of each toy.

[A]. Only I is necessary
[B]. Only II is necessary
[C]. Both I and II are necessary
[D]. Either I or II ins necessary
[E]. None of these

Answer: Option B

Explanation:

S.P. = Rs. 250 each.

To find gain percent, we must know the C.P. of each.

Correct answer is (B).


Bishnu Gautam said: (May 19, 2011)  
A dealer bought 60 hats at Rs. 25 each. He sold 20 hats at Rs. 35 each and another 20 at Rs. 30 each. At what rate should he sell the remaining hats to make a profit of 20% in the total outlay? Show all the process.

Chandan said: (May 21, 2011)  
CP of 60 hats = 60*25 = 1500
20% gain on this means ,he should get 1800

He sold 20 at 35rs = 700
He sold another 20 at 30 = 600
Total he has is 1300rs

He should get [1800-1300]500rs more to reach 1800 and make 20% profit
hence he has to sell the left 20 hats to get 500

500/20 = 25rs each

Varsha said: (Jan 19, 2012)  
@chandan.

Simple explanation. I Think its correct.

Himanshu said: (Jul 24, 2014)  
Here cost price of each toy is mentioned. So I think if we want to calculate total C.P. Then no.of toy is also require. Please suggest me.

Rahul Sanghi said: (Sep 3, 2014)  
In problem it is mention as "A shopkeeper sells some toys at Rs. 250 each.".

Considering the word "each" which means he is selling n no. of toys @ Rs.250 per toy.

So there is no need of total no. of toys to calculate profit %.

Abhijeet Kamble said: (Oct 29, 2014)  
@Himanshu you are correct in this one!

The option is "Cost price of each toy".

How do we suppose to take the number of toys in this case if its not mentioned in the question?

Utsav said: (Mar 25, 2016)  
Am I asked to calculate net profit % or profit % per toy? How to understand this?

Akshay said: (Jun 26, 2016)  
Answer should be c. Because they said shopkeeper sells some toys. So total profit is to be calculated.

Shubham said: (Jul 29, 2016)  
The answer should be C.

Vikas said: (Aug 5, 2016)  
How did we come to know all toy having the same CP? It should be C.

Abiy said: (Aug 8, 2016)  
Nice expression to know ambiguity question.

Aryan said: (Aug 16, 2016)  
Gain% = [gain(for n items)/cost price(for n items)] * 100.

So,
Gain% = [gain/cost price] * 100.

Hence number of items don't matter.

Om Tripathy said: (Sep 10, 2016)  
The answer should be C.

Balvant said: (Dec 8, 2016)  
I agree with the given answer, i.e B.

Ranjeetsinh said: (Dec 17, 2016)  
I agree with you @Om Tripathy.

The answer should be C.

Avinash said: (Dec 20, 2016)  
@Chandan.

Simple explanation, I agree with you.

Suresh said: (Feb 8, 2017)  
I can't understand it. Please explain how B is the answer?

Anish Kumar said: (Jul 5, 2017)  
If we have to find the total profit or profit for each toy. Please help me to find the solution.

Rohit said: (Jul 18, 2017)  
Answer is B. No need to find a number of toys. Without this, we can calculate profit %.

Lets say for 1 toy sp=250. Cp=225 profit % =25/225*100=11.111.

Lets say for 5 toys sp=250*5=1250, cp=5*225. Profit=125. Profit% =125/1125*100=11.11.

So it does not matter to consider a number of toys as profit percent is independent of it.

Agree?

Aman said: (Sep 10, 2017)  
It didn't mention that whether we have to find total profit% or profit% on each toy.

Jayant said: (Oct 3, 2017)  
What if cost price is 10 rs per piece then how one can calculate profit%?

Yasir said: (Nov 4, 2017)  
I can't understand this problem please any body is here so solve clearly.

Sanjeev Gurung said: (May 12, 2019)  
Explanation:

@Yasir maybe it would help:

First of all, we need to find gain%, not the gain amount. So there is no need of count of toys as far we have SP and CP of one toy. Let's go with the example below:

Let's assume CP of 1 toy = 200.
And SP of 1 toy= 250.
So, gain% = (250- 200)/200*100= 25 %.
If we raise the no of toys i.e 2,3,5. So on,
Now, CP of 2 toys= 200*2= 400,
And SP of 2 toys= 250*2= 500,
Gain%. = (500-400)/400*100= 25%.
So, basically, %age would remain the same for any number of item sold and it is the gain or loss amount that changes.

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