Question
Download Solution PDFAn oil refinery buys 10 barrels at Rs. 36000. There is 10% wastage. If the refinery wants to earn 5% profit then at what price should it sell including 8% tax on selling price? (in Rs. per barrel)
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFIf an oil refinery buys 10 barrels for Rs 36000, then after 10% of the oil is wasted, it is left with only 9 barrels,
⇒ Apparent cost per barrel = 36000/9 = 4000
The company needs a profit of 5%
⇒ Selling price = {Cost price × (100 + profit %)}/100 = 4200
⇒ Net selling price = Selling price + Tax = 1.08 of selling price = 1.08 × 4200 = Rs. 4536
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