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A bicycle store purchased two bicycles, one for $250 and the other for

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A bicycle store purchased two bicycles, one for $250 and the other for  [#permalink]

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New post 25 Jun 2018, 04:47
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E

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Question Stats:

79% (01:45) correct 21% (02:02) wrong based on 669 sessions

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A bicycle store purchased two bicycles, one for $250 and the other for $375, and sold both bicycles at a total gross profit of $250. If the store sold one of the bicycles for $450, which of the following could be the store's gross profit from the sale of the other bicycle?

A. $75

B. $100

C. $125

D. $150

E. $175



NEW question from GMAT® Official Guide 2019


(PS02007)

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Re: A bicycle store purchased two bicycles, one for $250 and the other for  [#permalink]

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New post 25 Jun 2018, 04:57
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Solution



Given:
    • A bicycle store purchased two bicycles, one for $250 and the other for $375, and sold both bicycles at a total gross profit of $250
    • One of the bicycles was sold for $450

To find:
    • Among the given options, which one can be the store’s gross profit from the other bicycle

Approach and Working:
If the first bicycle was sold for $450, then
    • Profit on first bicycle = 450 – 250 = 200
    • Hence, profit on second bicycle = 250 – 200 = 50 (not in the option)

If the second bicycle was sold for $450, then
    • Profit on second bicycle = 450 – 375 = 75
    • Hence, profit on first bicycle = 250 – 75 = 175

Hence, the correct answer is option E.

Answer: E
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A bicycle store purchased two bicycles, one for $250 and the other for  [#permalink]

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New post 25 Jun 2018, 04:59
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Let x be the sum of the selling prices of 2 bicycles
Then x-(250+375)=250
x=875

If one of the bicycles selling price is 450 then the other bicycles selling price will be 875-450=425
The gross profit may be 425-250=175 or 425-375=50

In My Opinion
Ans: E
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Re: A bicycle store purchased two bicycles, one for $250 and the other for  [#permalink]

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New post 28 Jun 2018, 18:12
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Bunuel wrote:
A bicycle store purchased two bicycles, one for $250 and the other for $375, and sold both bicycles at a total gross profit of $250. If the store sold one of the bicycles for $450, which of the following could be the store's gross profit from the sale of the other bicycle?

A. $75

B. $100

C. $125

D. $150

E. $175


We can assume that the $375 bicycle is sold for $450. So the profit on this bicycle is 450 - 375 = $75. Since the total profit is $250, the other bicycle must be sold for a profit of 250 - 75 = $175.

Alternate Solution:

The total cost of the bicycles to the store is 250 + 375 = $625.

Since the total profit is $250, the sum of the sale prices of the bicycles is 625 + 250 = $875.

Since one of the bicycles sold for $450, the other sold for 875 - 450 = $425.

If the bike costing $250 is sold for $425, the profit is 425 - 250 = $175.

If the bike costing $375 is sold for $425, the profit is 425 - 375 = $50.

$175 is among the answer choices, thus the answer is E.

Answer: E
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Re: A bicycle store purchased two bicycles, one for $250 and the other for   [#permalink] 28 Jun 2018, 18:12
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