Certain goods such as meat and produce are often assigned value based on weight. It becomes necessary for purchasers to calculate the price per pound to do cost comparisons or to figure out how much it would cost to feed the party they are catering. Knowing the price per pound helps put the price of a given item into relative terms instead of absolute terms, making the numbers easier to work with depending on your application.
Instructions
1. Divide the total price of the good by its weight in total pounds. Use the following formula:
Total price ÷ weight = price per pound
For instance, $2.75 ÷ 1.20 = 2.29, so 1.20 lb. of ground beef with a price of $2.75 costs $2.29 per pound.
2. Write this number down or enter it into a database to establish the item's price per pound.
3. Multiply the item's price per pound by how many pounds of the good you will be purchasing to establish the absolute cost of your purchase. Use the following formula:
Price per pound x weight = total price
For instance, 2.29 x 5.13 = 11.75, so the total price of 5.13 lb. of ground beef at $2.29 per pound equals $11.75.
Tags: price pound, total price, following formula, ground beef, item price