Charlie is selling 800 magazines. He sold 60% of them at $5 each, 30% of the remainder at a discount of 20% and the rest at cost price. He made a profit of $2486. Find the cost price of a magazine.
| Price |
$5 |
$4 |
Cost Price |
| Percent |
60% |
40% |
| |
|
12% |
28% |
| Number |
480 |
96 |
Not needed |
| Amount collected |
$2400 |
$384 |
Not needed |
Number of magazines sold at $5
= 60% x 800
=
60100 x 800
= 480
Price after 20% discount
= 80% x 5
=
80100 x 5
= $4
Remaining magazines
= 800 - 480
= 320
Number of magazines sold at $4
= 30% x 320
=
30100 x 320
= 96
Number of magazines sold at $5 or 20% discount
= 480 + 96
= 576
Total amount collected from the sale of 480 magazines
= 480 x 5
= $2400
Total amount collected from the sale of the other 96 magazines
= 96 x 4
= $384
Total amount collected from the sale of magazines sold at $5 or 20% discount
= 2400 + 384
= $2784
Cost price of 576 magazines
= 2784 - 2486
= $6336
Cost price of 1 magazine
= 6336 ÷ 576
= $11
Answer(s): $11
