A retailer's cost and selling price for a bag of rice are N10,000 and N14,000 respectively. What is the retailer's profit per bag of rice if he incurs an ad...
Question 1 Report
A retailer's cost and selling price for a bag of rice are N10,000 and N14,000 respectively.
What is the retailer's profit per bag of rice if he incurs an additional cost of N500 on each bag of rice?
Answer Details
The additional cost of N500 on each bag of rice increases the retailer's total cost to N10,500 per bag of rice.
To calculate the profit per bag of rice, we subtract the total cost from the selling price.
Profit = Selling Price - Total Cost
Profit = N14,000 - N10,500
Profit = N3,500
Therefore, the retailer's profit per bag of rice is N3,500.
The correct option is (b) N3,500.
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