Article 1 is sold for ₹180. Article 2 is sold for ₹240. The profit on article 1 is 20% and loss on article 2 is 20%, What is the sum of cost prices of the two articles?
Answer & explanation
Correct answer: option 1
Selling price of article 1 = Rs. 180
The profit on article 1 = 20%
180 = cost price × 120%
Cost price = Rs.150
Selling price of article 2 = Rs. 240
The loss on article 2 = 20%
240 = cost price × 80%
Cost price = Rs. 300
⇒ The sum of cost prices of the two articles = 150 + 300 = Rs. 450