Generally speaking, a product's profit is defined as the sum received from sales, which should exceed the product's cost price. It is the gain from any type of commercial activity. In other words, if a product's selling price (SP) is higher than its cost price (CP), there has been a gain or profit. It explains the monetary gain realised if the revenue from the company activity is greater than the costs, such as taxes and expenses, involved in maintaining the business activity.
Cost price and selling price are superior ways to explain profit. Cost price is the real cost of the good or service, whereas selling price is the price at which it is offered for sale. In this case, the business has made a profit if the selling price of the good is more than the cost price. Consequently, the profit calculation formula is;
Profit or Gain = Selling Price – Cost Price
However, it is considered a loss when the product is sold for less than its cost. Therefore,
Loss = Cost Price – Selling Price
The Cost Price of 20 articles is the same as the selling price of x articles. If the profit is 25%, then the value of x is:
The selling price of x articles and the cost price of 20 products are equal. The value of x is 16 if the profit is 25%.
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