John’s Smoothie Stand at Utah’s Wasatch County’s Demolition Derby sells bananas. If John bought 55 lbs. of bananas at $.34 per pound expecting 10% to spoil, how should he price his bananas to achieve 59% on selling price?
Price $_______
Price $ 0.92
Working:
| Quantity | Per Unit | Total | |||||||
| Cost of 55 lbs. | = | 55 | * | $ 0.34 | = | $ 18.70 | |||
| Less:Normal Loss | 5.5 | * | 0 | = | 0 | ||||
| (55*10%) | |||||||||
| Total costs | 49.5 | $ 0.34 | $ 18.70 | ||||||
| Add:Profit | 49.5 | = | $ 26.93 | ||||||
| (18.70*144%) | |||||||||
| Sales | 49.5 | $ 45.63 | |||||||
| Price per unit | = | $ 45.63 | / | 49.5 | = | $ 0.92 | |||
| Working: | |||||||||
| Suppose selling price is | 100 | ||||||||
| Less:Profit | 100*59% | = | 59 | ||||||
| Cost | 41 | ||||||||
| Profit on cost | = | 59 | / | 41 | = | 144% | |||
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