Lee is selling 600 textbooks. He sold 60% of them at $12 each, 60% of the remainder at a discount of 25% and the rest at cost price. He made a profit of $2087. Find the cost price of a textbook.
Price |
$12 |
$9 |
Cost Price |
Percent |
60% |
40% |
|
|
24% |
16% |
Number |
360 |
144 |
Not needed |
Amount collected |
$4320 |
$1296 |
Not needed |
Number of textbooks sold at $12
= 60% x 600
=
60100 x 600
= 360
Price after 25% discount
= 75% x 12
=
75100 x 12
= $9
Remaining textbooks
= 600 - 360
= 240
Number of textbooks sold at $9
= 60% x 240
=
60100 x 240
= 144
Number of textbooks sold at $12 or 25% discount
= 360 + 144
= 504
Total amount collected from the sale of 360 textbooks
= 360 x 12
= $4320
Total amount collected from the sale of the other 144 textbooks
= 144 x 9
= $1296
Total amount collected from the sale of textbooks sold at $12 or 25% discount
= 4320 + 1296
= $5616
Cost price of 504 textbooks
= 5616 - 2087
= $1008
Cost price of 1 textbook
= 1008 ÷ 504
= $2
Answer(s): $2