Sukhvir purchased some perishable items for sale but 30% of those items could not be sold and went bad. However, Sukhvir managed to sell the rest of the items at a price that helped him earn an overall profit of 19%. At what percentage above the cost price of each item purchased by Sukhvir did he sell each of the items that did not go bad?
Show answer & explanation
Correct answer: B
Explanation
The corrrect answer is option 2 i.e. 70%
Profit = SP - CP
Profit% = (Profit/CP) × 100
Let the CP of one item be Rs.1
Thus, CP of 100 items = Rs 100
For overall profit of 19%, SP = Rs 119
30% of the items not sold.
Hence, 70% of items are sold for Rs 119
Profit = SP - CP = 119 - 70 = Rs 49
Profit % = (49/70) × 100 = 70%