Find all School-related info fast with the new School-Specific MBA Forum

It is currently 22 Oct 2014, 20:53

Close

GMAT Club Daily Prep

Thank you for using the timer - this advanced tool can estimate your performance and suggest more practice questions. We have subscribed you to Daily Prep Questions via email.

Customized
for You

we will pick new questions that match your level based on your Timer History

Track
Your Progress

every week, we’ll send you an estimated GMAT score based on your performance

Practice
Pays

we will pick new questions that match your level based on your Timer History

Not interested in getting valuable practice questions and articles delivered to your email? No problem, unsubscribe here.

Events & Promotions

Events & Promotions in June
Open Detailed Calendar

A store purchased 20 coats that each cost an equal amount

  Question banks Downloads My Bookmarks Reviews Important topics  
Author Message
TAGS:
Intern
Intern
avatar
Joined: 14 Sep 2010
Posts: 22
Followers: 1

Kudos [?]: 10 [0], given: 0

A store purchased 20 coats that each cost an equal amount [#permalink] New post 26 Jan 2011, 07:30
1
This post was
BOOKMARKED
00:00
A
B
C
D
E

Difficulty:

  55% (hard)

Question Stats:

69% (01:38) correct 31% (00:54) wrong based on 29 sessions
A store purchased 20 coats that each cost an equal amount and then sold each of the 20 coats at an equal price. What was the store’s gross profit on 20 coats?
1) If the selling price per coat had been twice as much , the store’s gross profit on the 20 coats would have been $2,400
2) If the selling price per coat had been $2 more, the store’s gross profit on the 20 coats would have been $440
[Reveal] Spoiler: OA
Expert Post
3 KUDOS received
Math Expert
User avatar
Joined: 02 Sep 2009
Posts: 23381
Followers: 3607

Kudos [?]: 28804 [3] , given: 2849

Re: GMAT PREP Gross Profit [#permalink] New post 26 Jan 2011, 07:59
3
This post received
KUDOS
Expert's post
A store purchased 20 coats that each cost an equal amount and then sold each of the 20 coats at an equal price. What was the store’s gross profit on 20 coats?

Question: 20*selling price - 20*cost = ? --> 20*(s - c) = ? So basically we are asked to determine the value of s - c.

(1) If the selling price per coat had been twice as much , the store’s gross profit on the 20 coats would have been $2,400 --> 20*2s - 20c = 2,400 --> 2s - c = 120 --> not sufficient to calculate s - c.

(2) If the selling price per coat had been $2 more, the store’s gross profit on the 20 coats would have been $440 --> 20*(s + 2) - 20c = 440 --> 20s + 40 - 20c = 440 --> s - c = 20. Sufficient.

Or you can deal with this statement in another way: increasing the price per coat by $2 will give a store an additional 20*2$=$40, so the profit without this increase should be 440-40=$400. Sufficient.

Answer: B.
_________________

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.


What are GMAT Club Tests?
25 extra-hard Quant Tests

Get the best GMAT Prep Resources with GMAT Club Premium Membership

Manager
Manager
User avatar
Joined: 06 Apr 2010
Posts: 144
Followers: 3

Kudos [?]: 113 [0], given: 15

Reviews Badge
Gross profit on Coat [#permalink] New post 08 Mar 2011, 12:37
Attachment:
Question 33.JPG
Question 33.JPG [ 47.31 KiB | Viewed 1482 times ]
Expert Post
Math Expert
User avatar
Joined: 02 Sep 2009
Posts: 23381
Followers: 3607

Kudos [?]: 28804 [0], given: 2849

Re: Gross profit on Coat [#permalink] New post 08 Mar 2011, 12:40
Expert's post
SVP
SVP
avatar
Joined: 16 Nov 2010
Posts: 1691
Location: United States (IN)
Concentration: Strategy, Technology
Followers: 31

Kudos [?]: 299 [0], given: 36

Premium Member Reviews Badge
Re: GMAT PREP Gross Profit [#permalink] New post 08 Mar 2011, 19:06
The question is asking :

20(SP - CP) = ?

From (1) -> 20(2SP - CP) = 2400, not sufficient

From (2) -> 20 (SP + 2 - CP) = 440, sufficient

So the answer is B.
_________________

Formula of Life -> Achievement/Potential = k * Happiness (where k is a constant)

Get the best GMAT Prep Resources with GMAT Club Premium Membership

Re: GMAT PREP Gross Profit   [#permalink] 08 Mar 2011, 19:06
    Similar topics Author Replies Last post
Similar
Topics:
A store purchased 20 coats that each costs an equal amount LM 4 10 Jun 2007, 00:10
A store purchased 20 coats that each cost an equal amount yogeshsheth 1 05 Nov 2006, 07:09
A store purchased 20 coats that each cost an equal amount Hermione 2 20 Oct 2006, 01:09
A store purchased 20 coats that each cost an equal amount uphillclimb 4 16 Oct 2006, 18:49
A store purchased 20 coats that each cost an equal amount joemama142000 2 19 Dec 2005, 11:45
Display posts from previous: Sort by

A store purchased 20 coats that each cost an equal amount

  Question banks Downloads My Bookmarks Reviews Important topics  


GMAT Club MBA Forum Home| About| Privacy Policy| Terms and Conditions| GMAT Club Rules| Contact| Sitemap

Powered by phpBB © phpBB Group and phpBB SEO

Kindly note that the GMAT® test is a registered trademark of the Graduate Management Admission Council®, and this site has neither been reviewed nor endorsed by GMAC®.