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A store purchased 20 coats that each cost an equal amount

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A store purchased 20 coats that each cost an equal amount [#permalink] New post 17 Nov 2006, 15:32
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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 the 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 $2,440.

(2) If the selling price per coat had been $2 more, the store's gross profit on the 20 coats would have been $440.
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[#permalink] New post 17 Nov 2006, 17:10
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 the 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 $2,440.

(2) If the selling price per coat had been $2 more, the store's gross profit on the 20 coats would have been $440.

Let cost price be c selling price s

2*20s - 20c =2440 = 2s - c = 122
We donot know eother s or c so insuff

((s+2) - c )20=440 =>s+2 -c = 22 ==>s-c = 22-2=20

We donot know ieither s or c so insuff



Taken togather 2 variables and 2 eq they cna be solved

Answer C
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 [#permalink] New post 17 Nov 2006, 17:28
I thought so, too. The answer, however, is B. Any idea how we get to this answer.
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 [#permalink] New post 17 Nov 2006, 17:54
artshep wrote:
I thought so, too. The answer, however, is B. Any idea how we get to this answer.


Agree with (B) :)

If the selling price per coat had been $2 more, the store's gross profit on the 20 coats would have been $440.

Let x be the profit for 20 coats.

x+2*20 = 440
<=> x = 400

SUFF :)
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 [#permalink] New post 23 Nov 2006, 14:49
kidderek wrote:
Fig wrote:
artshep wrote:
I thought so, too. The answer, however, is B. Any idea how we get to this answer.


Agree with (B) :)

If the selling price per coat had been $2 more, the store's gross profit on the 20 coats would have been $440.

Let x be the profit for 20 coats.

x+2*20 = 440
<=> x = 400

SUFF :)


Why is (a) INSUFF?


To respond, I use the definition of varaibles from Damager :)

From the stat 1, we have:

2*20s - 20c =2440 = 2s - c = 122

What we are looking for the growth = s - c.... Thus, we have to know either s or c to find the growth.

o 2s - c = (s-c) + s = 122
<=> (s-c) = 122 - s

o 2s - c = 2(s-c) + c = 122
<=> (s-c) = 66 - c/2

The statment is so insufficient :)
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 [#permalink] New post 23 Nov 2006, 14:53
Fig wrote:
kidderek wrote:
Fig wrote:
artshep wrote:
I thought so, too. The answer, however, is B. Any idea how we get to this answer.


Agree with (B) :)

If the selling price per coat had been $2 more, the store's gross profit on the 20 coats would have been $440.

Let x be the profit for 20 coats.

x+2*20 = 440
<=> x = 400

SUFF :)


Why is (a) INSUFF?


To respond, I use the definition of varaibles from Damager :)

From the stat 1, we have:

2*20s - 20c =2440 = 2s - c = 122

What we are looking for the growth = s - c.... Thus, we have to know either s or c to find the growth.

o 2s - c = (s-c) + s = 122
<=> (s-c) = 122 - s

o 2s - c = 2(s-c) + c = 122
<=> (s-c) = 66 - c/2

The statment is so insufficient :)


I thought gross profit doesn't take cost into account as net profit would.
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Re: DS - GMATPrep [#permalink] New post 23 Nov 2006, 15:40
artshep wrote:
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 the 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 $2,440.

(2) If the selling price per coat had been $2 more, the store's gross profit on the 20 coats would have been $440.



let selling price be S and cost price be C. so, total profit is 20(s-c).

statement 1:
If selling price was 2s, then profit would be 20(2s-c) = 2440.

from above statement, we cannot find out 20(s-c). so insufficient.

statement 2:
If selling price was greater by 2$, then profit would be 20(s+2 - c) = 440.
so, 20(s-c) + 40 = 440.

20(s-c) = 400. so, total profit is 400. sufficient.

Hence the answer is B.
Re: DS - GMATPrep   [#permalink] 23 Nov 2006, 15:40
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