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A store purchased 20 coats that each cost an equal amount [#permalink]
 06 Apr 2008, 12:30
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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?
I. If the selling price per coat had been twice as much, the store's gross profit on the 20 coats would have been $2400
II. 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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zhenmaster 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?
I. If the selling price per coat had been twice as much, the store's gross profit on the 20 coats would have been $2400
II. If the selling price per coat had been $2 more, the store's gross profit on the 20 coats would have been $440. Answer C (1) gives equality with two unknowns: 20*(2P-c)=2400, where P is price, c is the cost. INSUF (2) gives another equality with two unknowns: 20*(P+2-c) =440. INSUF Combined they solve the problem (2 inequalities with 2 unknowns)
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zhenmaster 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?
I. If the selling price per coat had been twice as much, the store's gross profit on the 20 coats would have been $2400
II. If the selling price per coat had been $2 more, the store's gross profit on the 20 coats would have been $440. B. S=Sell price P=Purchase price Looking for: Profit = 20*(S-P)(1) 2400 = 20*(2S - P) => 120 = 2S-B INSUFFICIENT (2) 440 = 20*(S+2-P) => 22 = S-P+2 S-P = 20 Plug this back in the original profit formula above: Profit = 20*20 = 400 SUFFICIENT
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You're right.It's definetely B. Thanks for the question  . It was a tricky one. I chose C at first.
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That is good bkk145. I need to learn to create formulas and variables better out of words. Kudos.
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Let G=Gross Profit, S=Selling Price, and C=Cost
The equation we can setup, using the main prompt, is G=20S-20C
1. $2400=40S-20C. We can't derive the value of the variables, and thus, cannot determine G for 20S-20C. Therefore, INSUFFICIENT.
2. $440=20(S+2)-20C => $440=20S+$40-20C => $400=20S-20C. The Gross Profit for 20 coats sold is therefore $400, which answers the question. Therefore, SUFFICIENT.
The correct answer choice is B.
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bkk145 wrote: zhenmaster 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?
I. If the selling price per coat had been twice as much, the store's gross profit on the 20 coats would have been $2400
II. If the selling price per coat had been $2 more, the store's gross profit on the 20 coats would have been $440. B. S=Sell price P=Purchase price Looking for: Profit = 20*(S-P)(1) 2400 = 20*(2S - P) => 120 = 2S-B INSUFFICIENT (2) 440 = 20*(S+2-P) => 22 = S-P+2 S-P = 20 Plug this back in the original profit formula above: Profit = 20*20 = 400 SUFFICIENT
Last edited by kyatin on 09 Apr 2008, 19:20, edited 1 time in total.
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NightAlum wrote: zhenmaster 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?
I. If the selling price per coat had been twice as much, the store's gross profit on the 20 coats would have been $2400
II. If the selling price per coat had been $2 more, the store's gross profit on the 20 coats would have been $440. Answer C (1) gives equality with two unknowns: 20*(2P-c)=2400, where P is price, c is the cost. INSUF (2) gives another equality with two unknowns: 20*(P+2-c) =440. INSUF Combined they solve the problem (2 inequalities with 2 unknowns) fell fo r the same trap 
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