Julian is selling 1100 magazines. He sold 60% of them at $10 each, 20% of the remainder at a discount of 40% and the rest at cost price. He made a profit of $2219. Find the cost price of a magazine.
| Price |
$10 |
$6 |
Cost Price |
| Percent |
60% |
40% |
| |
|
8% |
32% |
| Number |
660 |
88 |
Not needed |
| Amount collected |
$6600 |
$528 |
Not needed |
Number of magazines sold at $10
= 60% x 1100
=
60100 x 1100
= 660
Price after 40% discount
= 60% x 10
=
60100 x 10
= $6
Remaining magazines
= 1100 - 660
= 440
Number of magazines sold at $6
= 20% x 440
=
20100 x 440
= 88
Number of magazines sold at $10 or 40% discount
= 660 + 88
= 748
Total amount collected from the sale of 660 magazines
= 660 x 10
= $6600
Total amount collected from the sale of the other 88 magazines
= 88 x 6
= $528
Total amount collected from the sale of magazines sold at $10 or 40% discount
= 6600 + 528
= $7128
Cost price of 748 magazines
= 7128 - 2219
= $7480
Cost price of 1 magazine
= 7480 ÷ 748
= $10
Answer(s): $10
