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.