Solution

Clearly, both statements are REQUIRED.

Let cost price = Rs. $100x$

SELLING price after profit of 20% = $\frac{120}{100} \times 100x$

= Rs. $120x$

From statement II : Selling price = Rs. 5,016

=> $120x = 5016$

=> $X = \frac{5016}{120} = 41.8$

$\therefore$ Cost price = $100 \times 41.8$

= Rs. $4,180$

Thus, both statements TOGETHER are required to answer the question.