SOLUTION: The New Howard Bakery wants to make a 60% profit on the cost of its pies. To calculate the price of the pies, it estimated that the usual amount of spoilage is five pies. Calculate

Question 1018937: The New Howard Bakery wants to make a 60% profit on the cost of its pies. To calculate the price of the pies, it estimated that the usual amount of spoilage is five pies. Calculate the selling price for each pie if the number of pies baked each day is 24 and the cost of the ingredients for each pie is $1.80
Found 2 solutions by Cromlix, MathTherapy:
Answer by Cromlix(4381) (Show Source): You can put this solution on YOUR website!
Hi there
24 pies + 5 spoilages = 29 pies
29 x $1.80 = $52.20
60% of $52.20 = $31.32
$54 + $31.32
= $85.32
$85.32 / 24
$3.56 per pie
Hope this helps :-)
Answer by MathTherapy(10551) (Show Source): You can put this solution on YOUR website!
The New Howard Bakery wants to make a 60% profit on the cost of its pies. To calculate the price of the pies, it estimated that the usual amount of spoilage is five pies. Calculate the selling price for each pie if the number of pies baked each day is 24 and the cost of the ingredients for each pie is $1.80

Amount of pies baked each day: 24
As estimated spoilage is 5 pies, then number that'll be available for sale = 19 (24 - 5)
Cost to make 24 pies: 24(1.8), or $43.20
Markup, or 60% profit on $43.20 = 1.6(43.2), or $69.12
As revenue from the 19 pies should be $69.12, then selling price of each = , or
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