Question

On selling 32 chairs at Rs. 2800, there is a loss equal to the cost price of 4 chairs. The cost price of a chair is:
1. Rs. 100
2. Rs. 120
3. Rs. 280
4. Rs. 98

Answer 1

Correct Answer - Option 1 : Rs. 100

Given:

32 chairs sold for Rs. 2800

Loss = CP of 4 chairs

Concept used:

SP = CP × (100 - L)%

SP → selling price, CP → cost price, L → loss percentage

Calculation:

SP of 32 chairs = Rs. 2800

Then, SP of 1 chair = 2800/32 = 87.5

Let the cost price of one chair be CP.

Loss occurred due to selling 32 chairs = cost price of 4 chairs

L × 32 = 4 × CP

L = CP/8

SP = CP - L

87.5 = CP - CP/8

CP × (7/8) = 87.5

CP = Rs. 100.

∴ Cost price of each chair be Rs 100.