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# Mike's goldfish ps

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Director
Joined: 17 Oct 2005
Posts: 938
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Mike's goldfish ps [#permalink]  13 Jan 2006, 04:33
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0% (00:00) correct 0% (00:00) wrong based on 0 sessions
Mike bought 100 goldfish for $14 each from his pet supplier. He gave 30 of them to his friends and sold the others at his pet store. The goldfish will each be sold at what price, so his income is 1.3 times the cost of the 100 goldfish? SVP Joined: 28 Dec 2005 Posts: 1579 Followers: 2 Kudos [?]: 91 [0], given: 2 [#permalink] 13 Jan 2006, 06:46 26 dollars ? Total cost = 100x14 = 1400 30 given to friend, therefore 70 left over, and sold to pet store. Total income = 1.3 x total cost = 1820.00 1820 = cost per goldfish x 70 --> cost per fish = 1820/70 = 26 If I made a mistake here im going to be really, really, upset ! CEO Joined: 20 Nov 2005 Posts: 2910 Schools: Completed at SAID BUSINESS SCHOOL, OXFORD - Class of 2008 Followers: 19 Kudos [?]: 132 [0], given: 0 Re: Mike's goldfish ps [#permalink] 13 Jan 2006, 12:12 joemama142000 wrote: Mike bought 100 goldfish for$14 each from his pet supplier. He gave 30 of them to his friends and sold the others at his pet store. The goldfish will each be sold at what price, so his income is 1.3 times the cost of the 100 goldfish?

I think income here means Total Sale at Pet Store- Cost of buying

Income = 1820

Total Sale at Pet store = 1400 + 1820 = 3220

So sale price = 3220/70 = 46

joemama142000, correct me with the OA if I have misunderstood the question.
_________________

SAID BUSINESS SCHOOL, OXFORD - MBA CLASS OF 2008

VP
Joined: 20 Sep 2005
Posts: 1021
Followers: 3

Kudos [?]: 27 [0], given: 0

Re: Mike's goldfish ps [#permalink]  13 Jan 2006, 13:37
46 it is......
Dang ! I need to pay close attention to the wording....

ps_dahiya wrote:
joemama142000 wrote:
Mike bought 100 goldfish for $14 each from his pet supplier. He gave 30 of them to his friends and sold the others at his pet store. The goldfish will each be sold at what price, so his income is 1.3 times the cost of the 100 goldfish? I think income here means Total Sale at Pet Store- Cost of buying Total Cost of buying= 1400 Income = 1820 Total Sale at Pet store = 1400 + 1820 = 3220 So sale price = 3220/70 = 46 joemama142000, correct me with the OA if I have misunderstood the question. CEO Joined: 20 Nov 2005 Posts: 2910 Schools: Completed at SAID BUSINESS SCHOOL, OXFORD - Class of 2008 Followers: 19 Kudos [?]: 132 [0], given: 0 Re: Mike's goldfish ps [#permalink] 13 Jan 2006, 14:39 lhotseface wrote: 46 it is...... READ...READ...READ...........I feel like jumping off the bay bridge... Dang ! I need to pay close attention to the wording.... ps_dahiya wrote: joemama142000 wrote: Mike bought 100 goldfish for$14 each from his pet supplier. He gave 30 of them to his friends and sold the others at his pet store. The goldfish will each be sold at what price, so his income is 1.3 times the cost of the 100 goldfish?

I think income here means Total Sale at Pet Store- Cost of buying

Income = 1820

Total Sale at Pet store = 1400 + 1820 = 3220

So sale price = 3220/70 = 46

joemama142000, correct me with the OA if I have misunderstood the question.

You are not alone. We all are like that. Thats the reason we all are here to learn from each other.

BTW, it seems you are from Bay Area, CA.
_________________

SAID BUSINESS SCHOOL, OXFORD - MBA CLASS OF 2008

VP
Joined: 20 Sep 2005
Posts: 1021
Followers: 3

Kudos [?]: 27 [0], given: 0

Re: Mike's goldfish ps [#permalink]  13 Jan 2006, 15:35
Yes, I am from the bay area. Looks like you are well on your way...when do you plan to take the GMAT CAT ? I am thinking of March.....planning to take one test a week till then and see where I am at.

ps_dahiya wrote:
lhotseface wrote:
46 it is......
Dang ! I need to pay close attention to the wording....

ps_dahiya wrote:
joemama142000 wrote:
Mike bought 100 goldfish for $14 each from his pet supplier. He gave 30 of them to his friends and sold the others at his pet store. The goldfish will each be sold at what price, so his income is 1.3 times the cost of the 100 goldfish? I think income here means Total Sale at Pet Store- Cost of buying Total Cost of buying= 1400 Income = 1820 Total Sale at Pet store = 1400 + 1820 = 3220 So sale price = 3220/70 = 46 joemama142000, correct me with the OA if I have misunderstood the question. You are not alone. We all are like that. Thats the reason we all are here to learn from each other. BTW, it seems you are from Bay Area, CA. Director Joined: 17 Oct 2005 Posts: 938 Followers: 1 Kudos [?]: 69 [0], given: 0 [#permalink] 14 Jan 2006, 02:09 the oa here is 26. I dont understand the question either i guess im confused btween the definition of net income and income. does income =revenue and profit=net income? Director Joined: 09 Oct 2005 Posts: 720 Location: Madrid Followers: 3 Kudos [?]: 14 [0], given: 0 Re: Mike's goldfish ps [#permalink] 14 Jan 2006, 07:44 ps_dahiya wrote: joemama142000 wrote: Mike bought 100 goldfish for$14 each from his pet supplier. He gave 30 of them to his friends and sold the others at his pet store. The goldfish will each be sold at what price, so his income is 1.3 times the cost of the 100 goldfish?

I think income here means Total Sale at Pet Store- Cost of buying

Income = 1820

Total Sale at Pet store = 1400 + 1820 = 3220

So sale price = 3220/70 = 46

joemama142000, correct me with the OA if I have misunderstood the question.

Total Sale at Pet store = 1400 + 1820 = 3220
Your mistake is here why do you need to sumarize income of pet supplier and Mike's Pet store?
_________________

IE IMBA 2010

SVP
Joined: 14 Dec 2004
Posts: 1706
Followers: 1

Kudos [?]: 59 [0], given: 0

I get $26. Cost of 100 goldfish at$14/gf = $1400. We need to find out$x/gf for 70 gfs so that net income is (1.3 * 1400)

=> 1.3 * 1400 = x * 70
=> x = 26

I don't see any confusion here.
SVP
Joined: 28 Dec 2005
Posts: 1579
Followers: 2

Kudos [?]: 91 [0], given: 2

his income is what he sells the goldfish for, which according to the question should be 1.3 times what he bough them for.
Senior Manager
Joined: 05 Jan 2005
Posts: 254
Followers: 1

Kudos [?]: 4 [0], given: 0

Got 46 considering income to be the *profit*.
Senior Manager
Joined: 13 Jun 2005
Posts: 252
Location: Haverhill, MA
Followers: 1

Kudos [?]: 7 [0], given: 0

This is a horribly worded question..

if you have to take income = sale price - cost incurrerd

which is the right apporach you will get 46 other wise

you will get 26
Senior Manager
Joined: 13 Jun 2005
Posts: 252
Location: Haverhill, MA
Followers: 1

Kudos [?]: 7 [0], given: 0

the best thing in this case would be to look at the answer choices and
make a call.

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