Question

A man purchased a bedsheet for ₹ 450 and sold it at a gain of $10 \%$ calculated on the selling price. The selling price of the bedsheet was
(1) ₹ 460
(2) ₹ 475
(3) ₹ 480
(4) ₹ 500

Answer 1

Hint:
The basic price is the amount receivable by the producer from the purchaser for a unit of a good or service produced as output minus any tax payable, plus any subsidy receivable, on that unit as a consequence of its production or sale. Profit percentage formula: The profit percent can be calculated as: Profit $\%=100 \times$ Profit/cost Price. Percentage Loss: The loss percent can be calculated as; Loss % $=100 \times$ Loss/Cost Price. In accounting, the break-even point formula is determined by dividing the total fixed costs associated with production by the revenue per individual unit minus the variable costs per unit. Put differently, the breakeven point is the production level at which total revenues for a product equal total expense.

Complete step by step solution:
Cost price is the original price of an item. The cost is the total outlay required to produce a product or carry out a service. cost price is used in establishing profitability in the following ways: Selling price (excluding tax) fewer cost results in the profit in money terms.
The way to find out the Selling Price Per Unit is given below:
First, we have to determine the total cost of all units purchased. Then we have to divide the total cost by the number of units purchased to get the cost price. At the end we have to use the selling price formula to calculate the final price: Selling Price = cost Price + Profit Margin.
Let the SP of the bedsheet be x Rs.
$\therefore 450+\dfrac{10 \times x}{100}=x$
$\Rightarrow x-\dfrac{x}{10}=450$
$\Rightarrow \dfrac{9 x}{10}=450$
$\Rightarrow x=\dfrac{450 \times 10}{9}=500 \mathrm{Rs}$

Hence, the correct option is D.

Note:
We know that the gross profit on a product is computed as follows:
1. Sales - cost of Goods Sold = Gross Profit.
2. Gross Profit / Sales = Gross Profit Margin.
3. (Selling Price - cost to Produce) / cost to Produce = Mark-up Percentage.
The selling price is the amount a buyer pays for a product or service. Selling price can also be known as market price, list price, or standard price. And the following factors help organizations determine the selling price of its products: The price a buyer is willing to pay. The price a seller is willing to accept. The cost price of the product is the cost of producing the product. cost Price is the price at which the Seller (Vendor) is purchasing the goods. Market Price is the price at which the Seller is selling the goods in the market. It can be referred to as Selling Price. The three basic pricing strategies are price skimming, neutral pricing, and penetration pricing. Price skimming is setting a product's price at the maximum value a customer would be willing to pay. Neutral pricing means matching a product's price to the prices of competitors.