Question

Jimmy bought two shirts and sells them for Rs. 6000 each. If one was sold at a gain of 20% and the other is sold at a loss of 20%, then the cost price of each shirt is 
1. Rs. 3000 and Rs. 5000
2. Rs. 2500 and Rs. 4000
3. Rs. 4000 and Rs. 5500
4. Rs. 5000 and Rs. 7500

Answer 1

Correct Answer - Option 4 : Rs. 5000 and Rs. 7500

Given:

Selling Price of each shirt = Rs. 6000

Profit on first shirt = 20%

Loss on second shirt = 20%

Formula Used:

Profit % = ((SP - CP)/CP) × 100%

Loss % = ((CP - SP)/CP) × 100%

Calculation:

Let the cost price of first shirt = Rs. x

and the cost price of second shirt = Rs. y

Profit on first shirt = 20%

Profit % = ((SP - CP)/CP) × 100%

⇒ 20 = ((6000 - x)/x) × 100

⇒ 1/5 = (6000 - x)/x

⇒ x = 5(6000 - x)

⇒ x = 30000 - 5x

⇒ 6x = 30000

⇒ x = 5000

Cost price of first shirt = Rs. 5000

Loss on second shirt = 20%

Loss % = ((CP - SP)/CP) × 100%

⇒ 20 = ((y - 6000)/y) × 100

⇒ 1/5 = (y - 6000)/y

⇒ y = 5(y - 6000)

⇒ y = 5y - 30000

⇒ 4y = 30000

⇒ y = 7500

Cost price of second shirt = Rs. 7500

∴ Cost price of each shirt is Rs. 5000 and Rs. 7500 respectively.