Pairs of shorts had a mark-up of 17% which includes profit and GST at a price of K29.25. Find the cost price?

Let the cost price of the shorts be x.

Mark-up percentage = 17%

Selling price = Cost price + Mark-up

Selling price = x + 0.17x = 1.17x

Given that the selling price is K29.25:

1.17x = K29.25

x = K29.25 / 1.17

x = K25

Therefore, the cost price of the shorts is K25.

Step 1: Calculate the selling price excluding GST

Selling price including GST = K29.25
GST rate = 17%
= 17/100 x 29.25
= K4.97

Selling price excluding GST = K29.25 - K4.97
= K24.28

Step 2: Calculate the mark-up amount

Mark-up = 17%
= 17/100 x Cost price

Step 3: Equate mark-up amount to selling price excluding GST

Mark-up amount = Selling price excluding GST

17/100 x Cost price = K24.28

Step 4: Solve for cost price

Cost price = K24.28 x 100/17
= K142.82

Therefore, the cost price of the pairs of shorts is K142.82.