In 1995 a certain store had 1,800 tools in stock that had been purchas : GMAT Problem Solving (PS)
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# In 1995 a certain store had 1,800 tools in stock that had been purchas

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12 Nov 2009, 01:29
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In 1995 a certain store had 1,800 tools in stock that had been purchased for $30 each. If 1,000 of these tools were sold in 1995 for$40 each and the remaining 800 were sold in 1996 for $50 each, how many greater was the gross profit on the tools sold in 1996 than the gross profit on those sold in 1995? A.$0
B. $6,000 C.$8,000
D. $32,000 E.$40,000
[Reveal] Spoiler: OA
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12 Nov 2009, 01:33
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Profit = Revenue - Charge

P(1995) = 40.1000 - 30.1000 = 10.000
P(1996) = 50.800 - 30.800 = 20.800 = 16.000

Ans is 6000\$
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12 Nov 2009, 01:51
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The keyword here is "Gross Profit":

Gross Profit = (Selling Price - Original Price)*(# of Items Sold)

So lets figure out what the Gross Profit for 1995:

GP1995 = (40-30)*(1000) = 10000

And the Gross Profit for 1996:

GP1996 = (50-30)*(800) = 16000

So the difference would be:

16000-10000 = 6000

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01 May 2011, 21:51
profit '95 = 1000*40 - 1000*30= 10,000
profit '96 = 800 * 50 - 800 *30 = 16,000
Thus difference = 6000.B
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24 Oct 2014, 07:53
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16 Jan 2016, 06:08
Hello from the GMAT Club BumpBot!

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Re: In 1995 a certain store had 1,800 tools in stock that had been purchas   [#permalink] 16 Jan 2016, 06:08
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