Answer:
Cost price = $ 50000
Step-by-step explanation:
● Cost price = 100%
● Percentage profit = 20%
● Selling price = 100% + 20% = 120%
If 120% = $ 60000,
What about 100% = ?
= (100 x 60000) ÷ 120
= 6000000 ÷ 120
= $ 50000
Cost price = 50000
Selling price = 60000
Profit = 10000
