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At the beginning of the last month, a stationery store had [#permalink]
30 Mar 2005, 18:41
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Difficulty:
65% (hard)
Question Stats:
51% (02:11) correct
49% (01:28) wrong based on 105 sessions
At the beginning of the last month, a stationery store had on stock 250 writing pads which had cost the store $0.75 each. During the same month, the store made only one purchase of writing pads. What was the total amount spent by the store on the writing pads it had in stock at the end of last month?
(1) Last month, the store purchased 150 writing pads for $0.80 each. (2) Last month the total revenue from the sale of writing pad was $180.
the question does not say anything about sales made in each of the two lots, why did you assume there was a sale ? Do we keep assuming like this on the test? I don't get this. Most study guides suggest we work with the information given as opposed to 'assuming'
Floaa3, in statt ii, it says the revenue from the sale.
Yes i notice that in statmt 2, there is info about revenue from sales, but the stem itself doesn't mention that any sales were made.
On the GMAT, is it safe to assume based on either or both statements 1 and 2?
Does the information given in statements 1 and 2 of data sufficiency serve as basis for assumption?
I am just trying to learn more about the DS strategy.
the question does not say anything about sales made in each of the two lots, why did you assume there was a sale ? Do we keep assuming like this on the test? I don't get this. Most study guides suggest we work with the information given as opposed to 'assuming'
Couple of things:
1. The question says a 'stationery store had on stock'.
2. It asks us for the Cost Price of the stock on hand - so it is natural to assume that there will be a Selling Price.
But your question made me think - I am not sure if such an assumption will be necessary for the real GMAT questions.
beginning of month: 250 pads, $0.75 each
In the same month, st0re made 1 purchase of pads
(1) Last month, the store purchased 150 writing pads for $0.80 each.
- Nothing about number sold, so we can't tell what is the amount in stock at end of the month
(2) Last month the total revenue from the sale of writing pad was $180.
- We do not know how many are bought.
1+2) We still do not know how many are sold and for what selling price.
"E"....last part of the question is asking how much the company paid for the pads that they had in "stock" by end of the month, as we don't know what that number is i.e. how many were sold etc, we can't say what that stock was, hence can't ans the cost of that stock.
the question does not say anything about sales made in each of the two lots, why did you assume there was a sale ? Do we keep assuming like this on the test? I don't get this. Most study guides suggest we work with the information given as opposed to 'assuming'
You don't have to assume that there was a sale. Since we don't know if there was a sale or not, the answer to (1) is not unique, so (1) is not sufficient. The assumption you CAN'T make, is that there is no sales for (1).
beginning of month: 250 pads, $0.75 each In the same month, st0re made 1 purchase of pads
(1) Last month, the store purchased 150 writing pads for $0.80 each. - Nothing about number sold, so we can't tell what is the amount in stock at end of the month
(2) Last month the total revenue from the sale of writing pad was $180. - We do not know how many are bought.
1+2) We still do not know how many are sold and for what selling price.
E it is.
if we combine 1 and 2 cant we get the amount spent by store at the end of month ...since we have total spent and revenue? so if we subtract total spent on buying pads - revenue received ?
beginning of month: 250 pads, $0.75 each In the same month, st0re made 1 purchase of pads
(1) Last month, the store purchased 150 writing pads for $0.80 each. - Nothing about number sold, so we can't tell what is the amount in stock at end of the month
(2) Last month the total revenue from the sale of writing pad was $180. - We do not know how many are bought.
1+2) We still do not know how many are sold and for what selling price.
E it is.
if we combine 1 and 2 cant we get the amount spent by store at the end of month ...since we have total spent and revenue? so if we subtract total spent on buying pads - revenue received ?
You can't necessarily do this subtraction to figure out total cost spent on remaining stationery in stock because there were initially two different groups of writing pads with different cost of purchases (250 pads at $0.75; 150 pads at $0.80). You need to know the revenue received per pad for each individual group of writing pads (250 pads AND the 150 pads) so that you can subtract for each pad separately [250 pads (0.75) - (however many pads sold in this group)(their selling price)] & [150 pads(0.80) - (however many pads sold in this group)(their selling price)]. If you were given the information in the brackets (which you weren't for this question), you take the two results and add them up to come up with total amount spent by store at the end of the month.
Re: At the beginning of the last month, a stationery store had [#permalink]
22 Jun 2013, 07:45
Expert's post
Folaa3 wrote:
At the beginning of the last month, a stationery store had on stock 250 writing pads which had cost the store $0.75 each. During the same month, the store made only one purchase of writing pads. What was the total amount spent by the store on the writing pads it had in stock at the end of last month?
(1) Last month, the store purchased 150 writing pads for $0.80 each. (2) Last month the total revenue from the sale of writing pad was $180.
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