Archie is selling 1100 magazines. He sold 60% of them at $10 each, 30% of the remainder at a discount of 40% and the rest at cost price. He made a profit of $2352. Find the cost price of a magazine.
| Price |
$10 |
$6 |
Cost Price |
| Percent |
60% |
40% |
| |
|
12% |
28% |
| Number |
660 |
132 |
Not needed |
| Amount collected |
$6600 |
$792 |
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
= 30% x 440
=
30100 x 440
= 132
Number of magazines sold at $10 or 40% discount
= 660 + 132
= 792
Total amount collected from the sale of 660 magazines
= 660 x 10
= $6600
Total amount collected from the sale of the other 132 magazines
= 132 x 6
= $792
Total amount collected from the sale of magazines sold at $10 or 40% discount
= 6600 + 792
= $7392
Cost price of 792 magazines
= 7392 - 2352
= $8712
Cost price of 1 magazine
= 8712 ÷ 792
= $11
Answer(s): $11
