Profit and loss

Question

Can anybody tell me if my approach is correct?

 

Q. A shop sold a pair of shoes for 1600 and a pair of sandals for 960. It made a profit of 20% on the shoes and took a 10% loss on the sandals. The shop made a? 

 

(120-90)/200 * 100 

answer 15% gain 

 

Answer 1

Profit on shoes: .20(1600)

                           =320

 

Loss on sandals: .10(960)

                         = 96

 

    320 - 96

 

  = 224 profit

 

     224/(1600 + 960)

 

   = .0875

 

    8.75 per cent Profit 

Answer 2

You have to either *add 90% sandals or subtract 10% sandals depending on your approach. So it looks like you are off there.

20% profit on 1600$ Shoes = +0.2(1600)
10% loss on 960$ Sandals = -0.1(960)

0.2(1600) - 0.1(960) = p, $ profit   
320 - 96 = 224$

100* 224/(1600+960) = %P = 8.75%

 

Alternate method:

1.2(1600) + 0.9(960) = m, $ all money earned (profit included)
1920 + 846 = 2784$ (you can see here that this value is 224$ more than the total listing price)

2784/2560 = 1.0875 (ratio of money earned to total price) * 100 = 108.75%

So the answer is; the shop made a 8.75% profit.