A store bought 5 dozen lamps at $30 per dozen and sold them all at $15

Question

A store bought 5 dozen lamps at $30 per dozen and sold them all at $15 per lamp. The profit on each lamp was what percent of its selling price?

A. 20%

B. 50%

C.  83 \frac{1}{3} %

D. 100%

E. 500%

PS56302.01

sachin1114GMCKS · Answer

Cost price 30 per dozen => 1 for (30/12) = 2.5

Selling price = 15
profit = 15-2.5 12.5
profit percent of selling price= (12.5/15)*100 = 83.33

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CareerGeek · Answer

1 dozen bought for $30
—> cost price of 1 lamp = 30/12 = $2.5
—> Profit on each lamp = 15 - 2.5 = $12.5

Profit on each lamp be x percent of it’s selling price 
—> 12.5 = x% of 15
—> 12.5 = x/100*15
—> x = 1250/15 = 83.33

IMO Option C

Archit3110 · Answer

cost per lamp = 30/12 ; 2.5
SP per lamp ; 15
Profit; 12.5
Profit % ; 12.5/15 ; 83.33 %
IMO C

akadiyan · Answer

Cost of lamp = $30 / dozen - $2.5 per lamp
Number of Lamp's bought = 5 dozen

Selling price:
$15 / Lamp
Profit = $15-$2.5 = $12.5 which is 500% of buying price

Question: Profit is what percentage of selling price.
Selling price = Profit + buying price = $12.5 + $2.5 = $15
we need to calculate $12.5 is what percent of $15, which is 83.33%

Ans:   C

ScottTargetTestPrep · Answer

The cost per lamp is 30/12 = 2.5.

The profit per lamp is 15 - 2.5 = 12.5.

Thus, the profit as a percent of selling price is:

12.5/15 = 25/30 = 5/6 = 83 1/3 %

Answer: C

Sahishnusinha · Answer

We know that, 5 dozens = 60 lamps
Given, Cost of 60 lamps=$150
Therefore, Cost of 1 lamp=150/60=$2.5

We have now both CP=$2.5 and SP=$15 for each lamp.

Thus, profit on each lamp as a part of SP=(15-2.5)/15 *100 = 83 1/3 % (Answer C)

Basshead · Answer

Cost per lamp = 30/12 = $2.50

Sale price = $15

Profit = $12.50

12.50 / 15 = 83.33%

Answer is C.

ScottTargetTestPrep · Answer

Solution:
 
Since the cost of each lamp is 30/12 = $2.50 and the revenue (or selling price) of each lamp is $15, the profit of each lamp is 15 - 2.50 = $12.50. Therefore, the profit of each lamp is:

12.5/15 x 100 = 5/6 x 100 = 83⅓ percent of the selling price.

Answer: C

Pritishd · Answer

1. Total lamps purchased by the store  = 5 * 12 = 60  (1 dozen equals 12 units)
2. Total dollar value paid for the purchase  = 30 * 5 = $150 
3. Cost of each lamp  = 150/60 = 5/2 = $2.5 
4. Selling price of each lamp  = $15 
5. Profit from each lamp  = 15 - 2.5 = $12.5 
6. Profit as a % of the selling price  = \frac{12.5 * 100}{15} = \frac{250}{3} = 83.3%

Ans.  C

ThatDudeKnows · Answer

Easy question and a bunch of correct solutions already posted. I'll just point out that if you get in the habit of glancing at the answer choices, you can get there even faster and save precious seconds (and also avoid silly calculation errors).

Cost $30 per dozen, so $2.50 each.
Sold for $15 each. Most of that was profit.
Take two seconds to glance at the answer choices. Only one is even in the vicinity of possible. Done.

Answer choice C.

GMATWhizTeam · Answer

Cost price of 1 dozen of lamps = $30

Number of lamps in 1 dozen = 12

Selling price of 1 lamp = $15

Since we need the profit on each lamp, calculate the cost price of 1 lamp.

Cost price of 12 lamps = $30; therefore, cost price of 1 lamp = 30 / 12 = $  \frac{5}{2} .

Therefore, profit on each lamp = 15 –  \frac{5}{2}  = $  \frac{25}{2}

Profit per lamp as a percentage of its selling price = (25/2) / 15 * 100 =  \frac{25 }{ 30}  * 100 =  \frac{5 }{ 6}  * 100 = 83.33%.

The correct answer option is C.

Paras96 · Answer

A store bought 5 dozen lamps at $30 per dozen and sold them all at $15 per lamp. The profit on each lamp was what percent of its selling price?

CP of 1 lamp = 30/12 = $2.5
SP of 1 lamp = $15
Profit = 15-2.5=$12.5
Profit/ SP = 12.5/15 = 2.5/3=250/3 %

Hence C

bumpbot · Answer

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A store bought 5 dozen lamps at $30 per dozen and sold them all at $15

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