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A clothing store acquired an item at a cost of x dollars and

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A clothing store acquired an item at a cost of x dollars and [#permalink] New post 01 Oct 2012, 04:14
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67% (01:58) correct 33% (01:10) wrong based on 180 sessions
A clothing store acquired an item at a cost of x dollars and sold the item for y dollars. The store's gross profit from the item was what percent of its cost for the item?

(1) y - x = 20
(2) y/x = 5/4

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Page: 279
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[Reveal] Spoiler: OA

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Re: A clothing store acquired an item at a cost of x dollars and [#permalink] New post 01 Oct 2012, 04:15
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A clothing store acquired an item at a cost of x dollars and sold the item for y dollars. The store's gross profit from the item was what percent of its cost for the item?

We need to find the value of \frac{y-x}{x}*100=(\frac{y}{x}-\frac{x}{x})*100=(\frac{y}{x}-1)*100. So, basically we need to find the value of \frac{y}{x}.

(1) y - x = 20. We cannot get the desired ratio from this statement. Not sufficient.
(2) y/x = 5/4. Directly gives us the value of \frac{y}{x}. Sufficient.

Answer: B.

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Re: A clothing store acquired an item at a cost of x dollars and [#permalink] New post 01 Oct 2012, 06:55
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tricky one. I picked D but is wrong. Answer should be B

here: P = Revenues - Costs. for instance I have R = 30 C = 10 so y - x = 20. In my example I know x and y but from 1) we do not have them sio INSUFF

2) y = 5 x = 4-----> R = 5 and C = 4 so C = 100 andR = 125. We have 25 % that is what we are looking for SUFF

B shoould be the answer

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Re: A clothing store acquired an item at a cost of x dollars and [#permalink] New post 01 Oct 2012, 09:52
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Bunuel wrote:
The Official Guide for GMAT® Review, 13th Edition - Quantitative Questions Project

A clothing store acquired an item at a cost of x dollars and sold the item for y dollars. The store's gross profit from the item was what percent of its cost for the item?

(1) y - x = 20
(2) y/x = 5/4

Practice Questions
Question: 51
Page: 279
Difficulty: 600


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The gross profit is y-x. The question asks for the ratio \frac{y-x}{x}.

(1) No information about x.
Not sufficient.

(2) Since \frac{y-x}{x}=\frac{y}{x}-\frac{x}{x}=\frac{y}{x}-1, sufficient.

Answer B.

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Re: A clothing store acquired an item at a cost of x dollars and [#permalink] New post 01 Oct 2012, 19:15
Answer is B
(Again Same explanation as of Eva's)

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Re: A clothing store acquired an item at a cost of x dollars and [#permalink] New post 04 Oct 2012, 13:26
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SOLUTION

A clothing store acquired an item at a cost of x dollars and sold the item for y dollars. The store's gross profit from the item was what percent of its cost for the item?

We need to find the value of \frac{y-x}{x}*100=(\frac{y}{x}-\frac{x}{x})*100=(\frac{y}{x}-1)*100. So, basically we need to find the value of \frac{y}{x}.

(1) y - x = 20. We cannot get the desired ratio from this statement. Not sufficient.
(2) y/x = 5/4. Directly gives us the value of \frac{y}{x}. Sufficient.

Answer: B.

Kudos points given to everyone with correct solution. Let me know if I missed someone.

_________________

NEW TO MATH FORUM? PLEASE READ THIS: ALL YOU NEED FOR QUANT!!!

PLEASE READ AND FOLLOW: 11 Rules for Posting!!!

RESOURCES: [GMAT MATH BOOK]; 1. Triangles; 2. Polygons; 3. Coordinate Geometry; 4. Factorials; 5. Circles; 6. Number Theory; 7. Remainders; 8. Overlapping Sets; 9. PDF of Math Book; 10. Remainders; 11. GMAT Prep Software Analysis NEW!!!; 12. SEVEN SAMURAI OF 2012 (BEST DISCUSSIONS) NEW!!!; 12. Tricky questions from previous years. NEW!!!;

COLLECTION OF QUESTIONS:
PS: 1. Tough and Tricky questions; 2. Hard questions; 3. Hard questions part 2; 4. Standard deviation; 5. Tough Problem Solving Questions With Solutions; 6. Probability and Combinations Questions With Solutions; 7 Tough and tricky exponents and roots questions; 8 12 Easy Pieces (or not?); 9 Bakers' Dozen; 10 Algebra set. ,11 Mixed Questions, 12 Fresh Meat

DS: 1. DS tough questions; 2. DS tough questions part 2; 3. DS tough questions part 3; 4. DS Standard deviation; 5. Inequalities; 6. 700+ GMAT Data Sufficiency Questions With Explanations; 7 Tough and tricky exponents and roots questions; 8 The Discreet Charm of the DS ; 9 Devil's Dozen!!!; 10 Number Properties set., 11 New DS set.


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Re: A clothing store acquired an item at a cost of x dollars and [#permalink] New post 04 Oct 2012, 13:36
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Re: A clothing store acquired an item at a cost of x dollars and   [#permalink] 04 Oct 2012, 13:36
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