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gross profit problem

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gross profit problem [#permalink]

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New post 13 Jun 2009, 15:01
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Hi guys was wondering if anyone had a good method to solve this problem:

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 2,400.

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

Answer: B.
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Re: gross profit problem [#permalink]

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New post 13 Jun 2009, 21:50
B
Let the CP of each coat = X and SP = Y
CP of 20 coat = 20X
SP of 20 coat = 20Y
So question is asking us to find (20Y - 20X) = ?

Stmt 1.
SP of each coat = 2Y
So 20 coats = 40Y
Profit = 40Y - 20X = 2400.
We cannot calculate (20Y - 20X) from this . Insuff.

Stmt 2.
Sp of each coat = Y + 2
So 2o coat = 20(Y+2) = 20Y + 40
Profit = 20Y + 40 - 20X = 440
or 20Y - 20X = 400 Suff.
Re: gross profit problem   [#permalink] 13 Jun 2009, 21:50
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