A furniture dealer purchased a desk for $150 and then set

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A furniture dealer purchased a desk for $150 and then set [#permalink]

26 Jul 2012, 10:53

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A furniture dealer purchased a desk for $150 and then set the selling price equal to purchasing price plus a markup that was 40% of selling price. If the dealer sold the desk at selling price, what was the amount of the dealer's gross profit from the purchase and the sale of the desk?

A. $40
B. $60
C. $80
D. $90
E. $100

[Reveal] Spoiler: OA

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Last edited by Bunuel on 26 Jul 2012, 23:26, edited 1 time in total.

Edited the question.

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Re: Problem Solving [#permalink]

26 Jul 2012, 11:18

let my selling price be 100x
then according to the prompt
150+40x=100x
this means 100x=SP=250
So profit is 100
Option E is correct
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Re: Problem Solving [#permalink]

26 Jul 2012, 18:10

Here's how I did it mentally:
the markup is 40% of the total price, the cost of 150 is 60 percent of the cost
hence the markup is two thirds of 150 = 50*2 =100

That's probably more like a 600-700 question I think

Hope it helps

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Re: A furniture dealer purchased a desk for $150 and then set [#permalink]

27 Jul 2012, 18:41

Selling Price = S

S = 150 + .40S

S = 250

Profit = 250 - 150 = 100

Re: A furniture dealer purchased a desk for $150 and then set [#permalink] 27 Jul 2012, 18:41

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A furniture dealer purchased a desk for $150 and then set

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A furniture dealer purchased a desk for $150 and then set

A furniture dealer purchased a desk for $150 and then set

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