Question
Download Solution PDFFruit seller mixes 7 dozen bananas of Rs.40 per dozen with 4 dozen of another type of banana of Rs. 80 per dozen and sells the mixture at Rs. 68 per dozen. Calculate his profit percent.
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Cost price of first type of bananas per dozen = ₹40
Quantity of first type of bananas = 7 dozen
Cost price of second type of bananas per dozen = ₹80
Quantity of second type of bananas = 4 dozen
Selling price of mixture per dozen = ₹68
Formula used:
Weighted Average Cost Price (WACP) = (Quantity₁ × Cost₁ + Quantity₂ × Cost₂)/(Quantity₁ + Quantity₂)
Profit % = (Selling Price - WACP)/WACP × 100
Calculation:
WACP = (7 × 40 + 4 × 80)/(7 + 4)
⇒ WACP = (280 + 320)/11
⇒ WACP = 600/11
⇒ WACP = 54.545
Profit % = (68 - 54.545)/54.545 × 100
⇒ Profit % = 13.455/54.545 × 100
⇒ Profit % = 24.65%
∴ The correct answer is option (3).
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