Second Term Lesson Note for Week Ten
Class : Primary Four
Subject : Mathematics
Topic : Profit and Loss on Money
Duration : 80 Minutes
Period : Double Period
Reference Book :
- New Method Mathematics for Primary Schools, Book 4, by Learn Africa.
- Lagos State Unified schemes of work for Upper Primary, Primary 4 – 6.
- Online Resources
Instructional Material :
Learning Objectives : By the end of the lesson learners will be able to :
i. Describe Selling Price and Cost Price
ii. Identify Profit and formula for calculating it.
iii. Explain loss and the formula for calculating it.
Content :
PROFIT AND LOSS
Meaning of cost price and selling price
When you go to the market, you see some people buying and some are selling. A farmer produces rice, beans, vegetables etc to sell. The market woman buys from the farmer to resell. The price at which the market woman buys from the farmer is the cost price and the price at which the market woman sells in the market is the selling price.
Cost price = Price at which the article is bought (C.P)
Selling price = Price at which article is sold (S.P)
There is profit or gain when the selling price is more than the cost price.
There is loss when the cost price is more than the selling price.
Activity
Provide a few items that can be bought and sold in the market.
Group the pupils into those buying.
Group the pupils into those selling
Let them do buying and selling to discover the concept of gain and loss.
Copy and fill in the table to show the amount gain or loss
| Items | Cost price | Selling price | Gain/Loss |
| 1. | #2500 | #3000 | |
| 2. | #4, 200 | #4, 000 | |
| 3. | #33, 000 | #40, 000 | |
| 4. | #78, 000 | #72, 000 | |
| 5. | #24, 000 | #21, 000 | |
| 6. | #5, 000 | #6000 |
Profit
Examples
1. Goods which cost # 560.50were sold for #784.30. Find the profit.
C.P = #560.00
S.P = #784.30
Profit = S.P – C.P
= #784.30
– # 560.50
# 223.80
2. Bola bought five tubers of yams for #2 670.50 and sold it for #3 000.80. What
is the profit?
C.P = #2 670.50
S.P = #3 000.80
Profit = S.P – C.P
= #3 000.00 – #2 670.00
= 330.00
A man bought a leather bag for N350.00 and sold it for N360.00. Will he have more money or less money with him?
Solution :
Selling price = N460.00
Cost price = – N350.00
Profit(gain) = N110.00
Note: profit or gain = selling price – cost price
Exercise 1
Copy and complete the table.
Cost Price. Selling Price. Profit
1. 358.30 #420.80 #44. 00
2. 518.40 #602.50 –
3. 1750.48 – 50.02
4. 7623.14 8100.60 –
5. #6350.39 #6948.40 –
6. #2150.70 #2370.60 –
7. #5340.35 #354.45 –
8. #960.50 #990.30 –
9. #4330.75 #4542.13 –
10. #8956.45 – #155.90
Exercise 2
Word problems on profit
1. A trader bought 30 eggs for 225. Two of the eggs were broken. She sold the rest of the eggs at 15.00 each. What was her profit?
2. A woman bought a bunch of 15 plantains for 840.00. She gave three to a friend and sold the rest at 80.00 each. How much did she gain?
3. A chicken was bought for 500.00. A profit of 105 was made when it was sold. What is the selling price?
4. A basketful of pawpaws was sold for 1 500.00 at a profit of 400.00. What was the cost price?
5. Margarine bought at 5 000.00 for 50 kg was sold at 120.00 per kg. What was the profit on the 50 kg?
6. I bought fifty kilograms of pineapples for 7 500. I sold them at 220.00 a kilogram. Find my profit.
7. Mr Ojo bought a bicycle for 9 080. He sold it at a profit of 1 080. How much was paid for the bicycle?
8. A woman bought two hundred eggs at two for 25. Five of them were broken. She sold the rest at three for 50. What was her gain?
9. A carpenter built a cupboard and sold it for 3 060. The materials cost him 1 286. He calculated the labor at 1 047.75. What was his profit?
10. A bookshop manager bought 200 books at 370 each. He sold half of them at 400.00 each, a quarter at 410.00 each and the rest at 430.00 each. What was his profit?
LOSS
Examples
A loss is realized when the selling price is less than the cost
1. A trader bought goods for N2 500 and sold them for N2 000.
Find his loss
C. P = N2 500
S. P = N2 000
loss = C.P – S.P
= N2 500 – N2 000
= N500
2. If a lady bought a wrist watch for N800 and sold it for N600. Will he have money or less money with her?
Solution
The selling is price is less than the cost price. Therefore, she will have less money with her. That is, she sold at a loss.
Cost price of wrist watch = N800.00
Selling price of wrist watch = N600.00
Loss = N200.00
3. A piece of cloth was bought for #10 200. It was sold out after a long time for #9 850. What was the loss?
C.P = # 10 200
S.P = # 9 850
loss = C.P – S.P
= #10 200
– # 9 850
# 350
Exercise 1
Copy and complete the table.
Cost Price Selling Price Loss
1. 4050.60 3580.30 –
2. 2014.50 1976.10 –
3. 19403.40 – 443.60
4. 2780 2250 –
5. 1780.40 1630.50 –
6. 2356.80 2068.30 –
7. 1740 – 66.00
8. 1367.04 1256.80 –
9. 8740.70 7350.90 –
10. 1740.61 – 539.30
11. 7350.40 7000.30 –
Exercise 2
Word problems
1. A carpenter sold a dining table at #3 060. Materials cost him #1 286 and workmanship was #1 047.75. What was his profit?
2. Mr. Chukwu bought a bicycle for #8 000 and sold it at a loss of #800 to Mr Onu. How much did Mr. Onu pay?
3. By selling a measure of garri for #125.00, a trader gained #35.00. What was the cost price of the garri per measure?
4. A keg of 15-litre kerosene was bought by a trader at the petrol station for #855.00. She sold it as #60.00 per litre. What was her profit or loss?
5. 15 litters of groundnut oil was bought for #1 500. The family used 2 litters for cooking. The rest was sold at #125 per litre. Calculate the profit or loss.
6. A lady sold some provisions for #274.05 at a profit of #20.30. What is the cost price?
7. A trader bought electric torches at #2, 880 per dozen. He sold them at #220 each. How much profit or loss did he make?
8. If I sell for 60 some goods which cost 53 each, calculate my profit on 1 article and on 27 articles.
9. Mallam Jimoh bought 100 kg of sugar for 1 600. He sold it at 15 per kg. Find the profit or loss.