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A store purchased 20 coats that each cost an equal amount [#permalink]
06 Apr 2008, 11:30

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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.

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

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)

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.

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

bkk* It can be just 440 - (20*2) which is 400..... some of your calculations are unnecessary, IMHO

Last edited by kyatin on 09 Apr 2008, 18:20, edited 1 time in total.

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)