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Applications of Overhead Expenses Worksheet
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Question 1. A trader from Canada purchases a electrical rice cooker at a price of $8,000 and pays $500 on its maintenance and transportation. He then sells it for $11,000 to a customer. Find the profit/loss faced by him. Also, find the percent for the same.
Solution:
Given that a trader from Canada purchases a electrical rice cooker at a price of $8,000 and pays $500 on its maintenance and transportation.
Therefore, the total cost to purchase an electrical rice cooker is $8,000 + $500 = $8,500
The cost price = $8,500
He then sells it for $11,000 to a customer.
Selling Price = $11,000
Now, subtract the cost price from the Selling Price to know he gained profit or loss.
Selling Price – cost price = $11,000 – $8,500 = $2,500
So, he gained profit of $2,500.
Now, find the Profit percentage.
Profit percentage = (Profit/Cost Price) × 100 = ($2,500/$8,500) × 100 = 29.41%
Therefore, the profit faced by him on selling the electrical rice cooker is $2,500 and the profit percentage is 29.41%.
Question 2. A trader from India buys 2 carrom board sets for $2000 and $2500 respectively. He spends $200 on the overall transportation of the sets. He then sells them in India for $2,500 and $2,300 respectively. Find the overall profit/loss faced by the trader. Also, find the percent for the same.
Solution:
Given that a trader from India buys 2 carrom board sets for $2000 and $2500 respectively. Also, he spends $200 on the overall transportation of the sets.
Therefore, the total cost to purchase of 2 carrom board sets is $2,000 + $2,500 + $200 = $4,700
The cost price = $4,700
He then sells them in India for $2,500 and $2,300 respectively.
Then, the total Selling Price = $2,500 + $2,300 = $4,800
Now, subtract the selling price from the cost Price to know the profit he gained.
Selling Price – cost price = $4,800 – $4,700 = $100
So, he gained profit of $100.
Now, find the Profit percentage.
Profit percentage = (Profit/Cost Price) × 100 = ($100/$4,700) × 100 = 2.12%
Therefore, the profit faced by him on selling the electrical rice cooker is $100 and the profit percentage is 2.12%.
Question 3. A shopkeeper from Canada buys some electronic gadgets from Sydney at a price of $15,000 and takes them back to Canada by paying $1,000. There he sells them for $18,000. Find the overall profit/loss faced by the trader. Also, find the percent for the same.
Solution:
Given that a shopkeeper from Canada buys some electronic gadgets from Sydney at a price of $15,000 and takes them back to Canada by paying $1,000.
Therefore, the total cost to purchase some electronic gadgets is $15,000 + $1,000 = $16,000
The cost price = $16,000
He then sells them for $18,000.
Then, the total Selling Price = $18,000
Now, subtract the selling price from the cost Price to know the profit he gained.
Selling Price – cost price = $18,000 – $16,000 = $2,000
So, he gained profit of $2,000.
Now, find the Profit percentage.
Profit percentage = (Profit/Cost Price) × 100 = ($2,000/$16,000) × 100 = 12.5%
Therefore, the profit faced by him on selling some electronic gadgets is $2,000 and the profit percentage is 12.5%.
Question 4. A trader buys 12 pens for Rs100 each and the overhead expenses were Rs20 per pen. If he makes Rs30 profit on each pen. Determine the selling price of each pen and the overall selling price of the pens.
Solution:
Given that a trader buys 12 pens for Rs100 each and the overhead expenses were Rs20 per pen.
If one pen cost is Rs 100, then 12 pens cost is 12 × Rs 100 = Rs 1,200
The overhead expenses per pen are Rs20. For 12 pens, the overhead expenses are 12 × Rs 20 = Rs 240
Single pen cost price is Rs100 + Rs 20 = Rs 120
The total cost price of pens = Rs1,200 + Rs 240 = Rs 1440
If he makes Rs30 profit on each pen. So, the profit on 12 pens is 12 × Rs 30 = Rs 360
Now, find the selling price of each pen.
Profit = Selling price – Cost price
The selling price of each pen = Profit + Cost price
selling price of each pen = Rs30 + Rs 120 = Rs 150
Now, find the selling price of all pens.
Profit = Selling price – Cost price
The selling price of all pens = Profit + Cost price
selling price of all pens = Rs 360 + Rs 1440 = Rs 1800
Therefore, the selling price of each pen is Rs 150 and the overall selling price of the pens is Rs 1800.
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Question 5. A shopkeeper buys 10 bike toys for $200 each. He spends $10 as overhead expenses for each bike toy. He faces a loss of $20 on each of these bike toys. Determine the selling price of each bike toy and the overall selling price of the bike toys.
Solution:
Given that a shopkeeper buys 10 bike toys for $200 each. He spends $10 as overhead expenses for each bike toy.
If one bike toy cost is $200, then 10 bike toys cost is 10 × $200 = $2000
The overhead expenses per bike toy are $20. For 10 bike toys, the overhead expenses are 10 × $ 20 = $ 200
Single bike toy cost price is $200 + $ 20 = $220
The total cost price of bike toys = $2000 + $ 200 = $ 2200
He faces a loss of $20 on each of these bike toys. So, the loss on 10 bike toys is 10 × $20 = $200
Now, find the selling price of each bike toy.
Loss = Cost price – Selling price
The selling price of each bike toy = Cost price – Loss
selling price of each bike toy = $220 – $20 = $200
Now, find the selling price of all bike toys.
Loss = Cost price – Selling price
The selling price of all bike toys = Cost price of all bike toys – Loss on all bike toys
selling price of all bike toys = $ 2200 – $200 = $2000
Therefore, the selling price of each bike toy is $200 and the overall selling price of the bike toys is Rs $2000.
Question 6. A trader bought water bottles for $300 and spent $10 on their packaging. He sells them for $700. Find the profit/ loss percent faced by him.
Solution:
Given that a trader bought water bottles for $300 and spent $10 on their packaging.
Therefore, the total cost to bought water bottles is $300 + $10 = $310
The cost price = $310
He then sells it for $700.
Selling Price = $700
Now, subtract the cost price from the Selling Price to know he gained profit or loss.
Selling Price – cost price = $700 – $310 = $390
So, he gained profit of $390.
Now, find the Profit percentage.
Profit percentage = (Profit/Cost Price) × 100 = ($390/$310) × 100 = 125.80%
Therefore, the profit percent faced by him is 125.80%.
Question 7. A shopkeeper from Canada bought some home appliances for $30,000. He spends $600 on its transportation. He sells them at a profit of 10%. Find the selling price and profit gained by the shopkeeper.
Solution:
Given that a shopkeeper from Canada bought some home appliances for $30,000. He spends $600 on its transportation.
Therefore, the total cost to bought some home appliances is $30,000 + $600 = $30,600
The cost price = $30,600
He sells them at a profit of 10%.
Now, find the profit.
Profit% = Profit/CP × 100
Substitute the Profit% and Cost Price in the above formula.
10 = Profit/$30,600 × 100
Profit = 10/100 × $30,600
Profit = $3,060
Now, find the Selling Price.
Profit = Selling price – Cost price
Substitute the Profit and Cost Price in the above formula.
Profit = Selling price – Cost price
Selling price = Profit + Cost price
Selling price = $3,060 + $30,600 = $33,660
Therefore, the profit gained by the shopkeeper is $3,060 and the Selling price on the home appliances is $33,660.
Question 8. A trader purchases some electronic products from a retailer for Rs 30,000. He spends Rs 500 on the maintenance of the products. He then sells them for Rs 65,000. Determine the profit/loss. Also, find the percent for the same.
Solution:
Given that a trader purchases some electronic products from a retailer for Rs 30,000. He spends Rs500 on the maintenance of the products.
Therefore, the total cost to purchase some electronic products is Rs 30,000 + Rs 500 = Rs 35,000
The cost price = Rs 35,000
He then sells them for Rs 65,000.
Then, the total Selling Price = Rs 65,000.
Now, subtract the selling price from the cost Price to know the profit he gained.
Profit = Selling price – Cost price
Selling Price – cost price = Rs 65,000 – Rs 35,000 = Rs 30,000
So, he gained profit of Rs 30,000.
Now, find the Profit percentage.
Profit percentage = (Profit/Cost Price) × 100 = (Rs 30,000/Rs 35,000) × 100 = 85.71%
Therefore, the profit faced by him on selling some electronic products is Rs 30,000 and the profit percentage is 85.71%.