Question

Molly bought a pair of gloves and a skirt. The gloves cost £4. She sold teh gloves and the skirt for a total of £48. She made 100% profit on the cost of the gloves. 20% profit on the total cost. Work out the percentage profit on the cost of the skirt

Answer 1

A) Sale value = 48

Profit on the total cost = 20% = 0.20

=> Total cost + 0.20 total cost = Sale value

=> 1.20 total cost = 48

=> total cost = 48 / 1.20

=> total cost = 40

B) Cost of the gloves = 4

=> Cost of the skirt = total cost - cost of the gloves

=> Cost of the skirt = 40 - 4 = 36

C) Price of the skirt = total value - price of the gloves

Total value = 48

Price of the gloves = cost of the gloves + margin

margin of the gloves = 100% on the cost = cost

Price of the gloves = cost of the gloves * 2

Price of the gloves = 4 * 2 = 8

=> Price of the skirt = 48 - 8 = 40

D) Profit on the skirt = price of the skirt / cost of the skirt = 40 / 36 = 1.1111

Profit % = 11,11 %

Answer 2

The percentage profit on the cost of the skirt is 16.3%.

First step is to calculate the profit made on gloves

Gloves profit=$4+(100%×$4)

Gloves profit=$4+$4

Gloves profit=$8

Second step is to calculate the selling price of skirt

Selling price of skirt=Total selling price - Selling price of gloves

Selling price of skirt=$48-$8

Selling price of skirt=$40

Third step is to calculate the Total profit

Total profit=20%×$40

Total profit=$9.60

Fourth step is to calculate the profit from skirt

Profit from skirt=$9.60-$4

Profit from skirt=$5.60

Fifth step is to calculate the cost price of skirt

Cost price of skirt=$40-$5.60

Cost price of skirt=$34.40

Sixth step is to calculate the profit percentage using this formula

Profit percentage=Profit from skirt/Cost price of skirt

Let plug in the formula

Profit percentage=$5.60/$34.40×100

Profit percentage=16.27%

Profit percentage=16.3%(Approximately)

Inconclusion the percentage profit on the cost of the skirt is 16.3%.

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