Question on Sales and Profit

Topic : Word Problem on Sale and Profit

Question : Mr. Perez owns a sneaker store. He bought 350 pairs of basketball sneakers and 150 pairs of soccer sneakers from the manufacturers for $62500. He sold all of the sneakers and made a 25% profit. If he sold soccer sneakers for $130 a pair, how much did he charge for one pair of basketball sneakers?

Solution :

Let the Selling price of each pair of Basket Ball Sneaker be $x

So the total Selling Price for Basket Ball Sneakers = $ 350 x

Total Selling Price for Soccer Sneakers = 150 * $130 = $ 19500

So net Selling Price = $ (350x + 19500)

Now net cost price = $62500

Profit = 25% of cost price
= 25/100 *62500
= 15625

Now, Selling price = Cost price + Profit
So on substituting all the values, we get
350x + 19500 = 62500 + 15625
350x + 19500 =78125 (Subtracting 19500 on both sides)
- 19500 = -19500
-----------------------------------
350x = 58425 (Dividing by 350 on both sides)

x = $ 167.5


Hope the Simplification and explanation help you to understand similar kind of problems and solve them easily.