Offei, a petty trader sold goods for GH¢36,240. The gross profit being 33 $\frac{1}{3}$ % on cost. What was the cost price?

GH¢45,300

GH¢28,992

GH¢27,180

GH¢24,160

Correct answer is C

Cost price = total sales - profit To begin, we will first have to convert the gross profit to margin. Hence we have; 33 $\frac{1}{3} = \frac{100}{3} \times \frac{1}{100}$ Cross multiply $\frac{1}{3} + 1 = \frac{1}{4}$ $\frac{1}{4}$ x 36,240 = 9060 Cost price = 36,240 - 9060 = 27,180

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Offei, a petty trader sold goods for GH¢36,240. The gross profit being 33 $\frac{1}{3}$ % on cost. What was the cost price?

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