Ryan Miller wanted to make some money at a flea market. He purchased 55 small orchids from a nursery for a total of $233.75, three bags of potting soil for $2.75 each, and 55 ceramic pots at $4.60 each. After planting the orchids in the pots, Ryan sold each plant for $15.50 at the flea market.
What was his total cost per potted plant?
How much total profit did Ryan make on this flea market venture?
total cost: 233.75 + 3*2.75 + 55*4.60
cost per plant = totalcost/(55+55)
profit = 110*15.50 - totalcost
To calculate the total cost per potted plant, we need to add up all the costs of purchasing the orchids, potting soil, and pots, and then divide that by the number of plants.
1. Cost of 55 small orchids: $233.75
2. Cost of 3 bags of potting soil: $2.75 x 3 = $8.25
3. Cost of 55 ceramic pots: $4.60 x 55 = $253.00
Total cost: $233.75 + $8.25 + $253.00 = $495.00
Number of plants: 55
Cost per potted plant: $495.00 / 55 = $9.00
So, Ryan's total cost per potted plant was $9.00.
To calculate the total profit Ryan made on this flea market venture, we need to subtract the total cost from the total revenue earned.
1. Selling price per plant: $15.50
2. Number of plants: 55
Total revenue: $15.50 x 55 = $852.50
Total cost: $495.00
Total profit: $852.50 - $495.00 = $357.50
So, Ryan made a total profit of $357.50 on this flea market venture.
To find the total cost per potted plant, we need to calculate the total cost of all the items Ryan purchased and then divide it by the number of plants.
First, let's calculate the cost of the orchids:
Ryan purchased 55 small orchids for a total of $233.75. Since all the orchids have the same price, we can divide the total cost by the number of orchids to find the cost per orchid:
Cost per orchid = Total cost / Number of orchids
Cost per orchid = $233.75 / 55
Next, let's calculate the cost of the potting soil:
Ryan purchased 3 bags of potting soil, and each bag costs $2.75. Therefore, the total cost of the potting soil is:
Total cost of potting soil = Number of bags * Cost per bag
Total cost of potting soil = 3 * $2.75
Now, let's calculate the cost of the ceramic pots:
Ryan purchased 55 ceramic pots, and each pot costs $4.60. Therefore, the total cost of the pots is:
Total cost of pots = Number of pots * Cost per pot
Total cost of pots = 55 * $4.60
Now that we have calculated the cost of each item, let's find the total cost of all the items:
Total cost = Cost of orchids + Cost of potting soil + Cost of pots
Finally, to find the total cost per potted plant, we can divide the total cost by the number of plants:
Total cost per potted plant = Total cost / Number of plants
To find the total profit, we need to calculate the revenue and subtract the total cost.
The revenue is the number of plants sold multiplied by the selling price per plant:
Revenue = Number of plants sold * Selling price per plant
To find the total profit, we subtract the total cost from the revenue:
Total profit = Revenue - Total cost
Let's calculate these values step by step:
1. Cost per orchid:
Cost per orchid = $233.75 / 55
2. Total cost of potting soil:
Total cost of potting soil = 3 * $2.75
3. Total cost of pots:
Total cost of pots = 55 * $4.60
4. Total cost:
Total cost = Cost of orchids + Cost of potting soil + Cost of pots
5. Total cost per potted plant:
Total cost per potted plant = Total cost / Number of plants
6. Revenue:
Revenue = Number of plants sold * Selling price per plant
7. Total profit:
Total profit = Revenue - Total cost
Let's calculate the values using the given information:
1. Cost per orchid:
Cost per orchid = $233.75 / 55
Cost per orchid ≈ $4.25
2. Total cost of potting soil:
Total cost of potting soil = 3 * $2.75
Total cost of potting soil = $8.25
3. Total cost of pots:
Total cost of pots = 55 * $4.60
Total cost of pots = $253
4. Total cost:
Total cost = Cost of orchids + Cost of potting soil + Cost of pots
Total cost = $233.75 + $8.25 + $253
Total cost ≈ $495
5. Total cost per potted plant:
Total cost per potted plant = Total cost / Number of plants
Total cost per potted plant = $495 / 55
Total cost per potted plant ≈ $9
6. Revenue:
Revenue = Number of plants sold * Selling price per plant
Revenue = 55 * $15.50
Revenue = $852.50
7. Total profit:
Total profit = Revenue - Total cost
Total profit = $852.50 - $495
Total profit = $357.50
Therefore, Ryan's total cost per potted plant is approximately $9, and he made a total profit of $357.50 on his flea market venture.