Question

A store bought 500 toys at a cost of ​$10 each. The store sold all the toys at a percent markup of 20 %. Find the total selling price.

Answer 1

To find the total selling price of the toys, we need to first calculate the total cost of the toys, then determine the selling price after applying the markup.

1. **Calculate the total cost:**
\[
\text{Total cost} = \text{Number of toys} \times \text{Cost per toy}
\]
\[
\text{Total cost} = 500 \times 10 = 5000 \text{ USD}
\]

2. **Find the selling price per toy:**
The markup is 20% of the cost price, so we need to calculate 20% of the cost price and add it to the cost price:
\[
\text{Markup} = \text{Cost per toy} \times \text{Markup percentage}
\]
\[
\text{Markup} = 10 \times 0.20 = 2 \text{ USD}
\]
Therefore, the selling price per toy is:
\[
\text{Selling price per toy} = \text{Cost per toy} + \text{Markup}
\]
\[
\text{Selling price per toy} = 10 + 2 = 12 \text{ USD}
\]

3. **Calculate the total selling price:**
\[
\text{Total selling price} = \text{Number of toys} \times \text{Selling price per toy}
\]
\[
\text{Total selling price} = 500 \times 12 = 6000 \text{ USD}
\]

Thus, the total selling price of all the toys is **$6000**.