A shopkeeper sold two items. The selling price of the first item equals the cost price of the second item. He sold the first item at a profit of 20% and the second item at a loss of 10%. What is his overall profit/loss percent?
Show answer & explanation
Correct answer: A
Explanation
The correct answer is option 1 i.e. Profit, 3%
For Item A :
Let the CP be 100x
SP = 100x × 1.2 = 120x.
It is given that, the selling price of the first item equals the cost price of the second item.
CP of item B = 120x.
SP of Item B = 120x × .9 = 108x.
Combined CP = 100x + 120x = 220x
Combined SP = 120x + 108x = 228x
Loss% = 8x/220x × 100 = 3%