You make dog collars and anticipate selling them at a craft fair. You spent $85 for materials and hope to make a profit of $90. How much should you charge for each collar?

Answer 1

Another way to look at the problem is to first decide how many collars can you make with the material costing $85.

Supposing you make 5 collars, then the cost price for each collar will be $17.

Now , you want to make a profit of $90 by selling these 5 collars. So the profit per collar will come to $18.

So you need to sell each collar for $17+ $18 = $35 = selling price.

If you make only 1 collar then the selling price will have to be $85+$90 = $175.

If you make 10 collars then the selling price will be $8.5 (cost price of 1 collar) + $9 ( profit needed per collar) = $ 17.5

Answer 2

Depends on the amount you hope to sell.

As for $90 profit; you've got to bring-in $175.

So; 175/sales=price.