Business Maths: How Much Will You Sell The Bag Of Rice? - Career - Nairaland
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| Business Maths: How Much Will You Sell The Bag Of Rice? by Appswheel(m): 4:14pm On Sep 14, 2015 |
Barely one week after securing a job, Bayo nearly lost his job to what you will call simple arithmetic. His firm was one of those supplying bags of rice to the internally displaced person’s camp in the northern part of the country. His boss had instructed him to mark up the old selling price by 5% so that tax deductions will not affect the net payments to them. A bag of rice originally sold for 10,000 Naira. Bayo sold out 500 bags of rice at 10,500 each. This amounted to 5,250, 000 (Five million, Two hundred and Fifty thousand Naira only). By his boss calculation, Bayo incurred a loss of over 13,000 Naira (Thirteen Thousand Naira) on the transaction. The loss was deducted from Bayos salary. Question: How much will you have sold a bag of rice if you were Bayo? Who was correct between Bayo and his Boss? (This illustrates a common job test question)
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| Re: Business Maths: How Much Will You Sell The Bag Of Rice? by Abbeyme: 4:16pm On Sep 14, 2015 |
Hmmm.. Tax calculations is not always straight forward |
| Re: Business Maths: How Much Will You Sell The Bag Of Rice? by RobinHez(m): 4:19pm On Sep 14, 2015 |
Cc adah96, Dharay99 |
| Re: Business Maths: How Much Will You Sell The Bag Of Rice? by dharay99: 4:33pm On Sep 14, 2015 |
afta d markup of 5%, the price would b 10,500 & d overall calculation for total sales is correct so hw come he still incurred a loss of 13,000k  10,526 each...will clean dt 13,000 debt buh daht is more dan 5% markup, So wat is wonging here...? |
| Re: Business Maths: How Much Will You Sell The Bag Of Rice? by Appswheel(m): 4:42pm On Sep 14, 2015 |
dharay99: 10,526 is the correct answer. It reads markup original selling price by 5% such that net payment remains 10,000. I get your drift. |
| Re: Business Maths: How Much Will You Sell The Bag Of Rice? by Smeeky(m): 11:59pm On Sep 16, 2015 |
markup can be calculated in different ways. At cost price or selling price. markup of 5%@ selling price 10000 x 5% = 500 10000-500= 9500 500/9500= 0.05263157 0.0526 x 10000= 10526 10526 x 500bags = 5,263,000ans 5,263,000-5,250,000 = 13,000 The problem is not complete |
| Re: Business Maths: How Much Will You Sell The Bag Of Rice? by netotse(m): 7:51pm On Sep 21, 2015 |
Smeeky: I think it is, you over complicated it...if the bag is sold at 10,526 then the owner would just about break even |
| Re: Business Maths: How Much Will You Sell The Bag Of Rice? by Smeeky(m): 5:41am On Sep 23, 2015 |
netotse:Break even? what has it got to do with the question. why I said it isn't is because the question would have told us how much the company buys the rice from suppliers. |
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