GMAT Question of the Day: Daily via email | Daily via Instagram New to GMAT Club? Watch this Video

 It is currently 25 Jan 2020, 12:49

### GMAT Club Daily Prep

#### Thank you for using the timer - this advanced tool can estimate your performance and suggest more practice questions. We have subscribed you to Daily Prep Questions via email.

Customized
for You

we will pick new questions that match your level based on your Timer History

Track

every week, we’ll send you an estimated GMAT score based on your performance

Practice
Pays

we will pick new questions that match your level based on your Timer History

# A clothing store acquired an item at a cost of x dollars and

Author Message
TAGS:

### Hide Tags

Math Expert
Joined: 02 Sep 2009
Posts: 60647
A clothing store acquired an item at a cost of x dollars and  [#permalink]

### Show Tags

01 Oct 2012, 05:14
4
24
00:00

Difficulty:

25% (medium)

Question Stats:

71% (01:15) correct 29% (01:32) wrong based on 1417 sessions

### HideShow timer Statistics

A clothing store acquired an item at a cost of x dollars and sold the item for y dollars. The store's gross profit from the item was what percent of its cost for the item?

(1) y - x = 20
(2) y/x = 5/4

Practice Questions
Question: 51
Page: 279
Difficulty: 600

_________________
Math Expert
Joined: 02 Sep 2009
Posts: 60647
Re: A clothing store acquired an item at a cost of x dollars and  [#permalink]

### Show Tags

01 Oct 2012, 05:15
4
6
SOLUTION

A clothing store acquired an item at a cost of x dollars and sold the item for y dollars. The store's gross profit from the item was what percent of its cost for the item?

We need to find the value of $$\frac{y-x}{x}*100=(\frac{y}{x}-\frac{x}{x})*100=(\frac{y}{x}-1)*100$$. So, basically we need to find the value of $$\frac{y}{x}$$.

(1) y - x = 20. We cannot get the desired ratio from this statement. Not sufficient.
(2) y/x = 5/4. Directly gives us the value of $$\frac{y}{x}$$. Sufficient.

_________________
##### General Discussion
Board of Directors
Joined: 01 Sep 2010
Posts: 3400
Re: A clothing store acquired an item at a cost of x dollars and  [#permalink]

### Show Tags

01 Oct 2012, 07:55
1
tricky one. I picked D but is wrong. Answer should be B

here: $$P = Revenues - Costs$$. for instance I have $$R = 30$$ $$C = 10$$ so $$y - x = 20$$. In my example I know x and y but from 1) we do not have them sio INSUFF

2) $$y = 5$$ $$x = 4$$-----> $$R = 5$$ and $$C = 4$$ so $$C = 100$$ and$$R = 125$$. We have 25 % that is what we are looking for SUFF

_________________
Director
Joined: 22 Mar 2011
Posts: 583
WE: Science (Education)
Re: A clothing store acquired an item at a cost of x dollars and  [#permalink]

### Show Tags

01 Oct 2012, 10:52
2
1
Bunuel wrote:
The Official Guide for GMAT® Review, 13th Edition - Quantitative Questions Project

A clothing store acquired an item at a cost of x dollars and sold the item for y dollars. The store's gross profit from the item was what percent of its cost for the item?

(1) y - x = 20
(2) y/x = 5/4

Practice Questions
Question: 51
Page: 279
Difficulty: 600

GMAT Club is introducing a new project: The Official Guide for GMAT® Review, 13th Edition - Quantitative Questions Project

Each week we'll be posting several questions from The Official Guide for GMAT® Review, 13th Edition and then after couple of days we'll provide Official Answer (OA) to them along with a slution.

We'll be glad if you participate in development of this project:
2. Please vote for the best solutions by pressing Kudos button;
3. Please vote for the questions themselves by pressing Kudos button;
4. Please share your views on difficulty level of the questions, so that we have most precise evaluation.

Thank you!

The gross profit is $$y-x.$$ The question asks for the ratio $$\frac{y-x}{x}.$$

(1) No information about $$x.$$
Not sufficient.

(2) Since $$\frac{y-x}{x}=\frac{y}{x}-\frac{x}{x}=\frac{y}{x}-1$$, sufficient.

_________________
PhD in Applied Mathematics
Love GMAT Quant questions and running.
Math Expert
Joined: 02 Sep 2009
Posts: 60647
Re: A clothing store acquired an item at a cost of x dollars and  [#permalink]

### Show Tags

04 Oct 2012, 14:26
2
SOLUTION

A clothing store acquired an item at a cost of x dollars and sold the item for y dollars. The store's gross profit from the item was what percent of its cost for the item?

We need to find the value of $$\frac{y-x}{x}*100=(\frac{y}{x}-\frac{x}{x})*100=(\frac{y}{x}-1)*100$$. So, basically we need to find the value of $$\frac{y}{x}$$.

(1) y - x = 20. We cannot get the desired ratio from this statement. Not sufficient.
(2) y/x = 5/4. Directly gives us the value of $$\frac{y}{x}$$. Sufficient.

Kudos points given to everyone with correct solution. Let me know if I missed someone.
_________________
Board of Directors
Joined: 01 Sep 2010
Posts: 3400
Re: A clothing store acquired an item at a cost of x dollars and  [#permalink]

### Show Tags

04 Oct 2012, 14:36
Bunuel

Your method to rephrase a stem is simply unbelievable. Of course the most important thing during the exam is to have the right solution under time constrain, no matter what......but wow
_________________
Target Test Prep Representative
Affiliations: Target Test Prep
Joined: 04 Mar 2011
Posts: 2806
Re: A clothing store acquired an item at a cost of x dollars and  [#permalink]

### Show Tags

04 Sep 2018, 12:19
Bunuel wrote:
A clothing store acquired an item at a cost of x dollars and sold the item for y dollars. The store's gross profit from the item was what percent of its cost for the item?

(1) y - x = 20
(2) y/x = 5/4

We are given that a clothing store acquired an item at a cost of x dollars and sold the item for y dollars. We must determine:

(profit/cost) * 100 = ?

We are given x as the cost and y as the revenue. Thus, profit = revenue – cost = y – x, and thus we can substitute y – x for profit and x for cost. Thus, our new question is:

(y – x)/x * 100 = ?

Statement One Alone:

y – x = 20

Since y – x = 20, we can substitute 20 for y - x into the expression (y – x)/x * 100.

The new question is: 20/x * 100 = ?

Since we do not know the value of x, statement one alone is not sufficient.

Statement Two Alone:

y/x = 5/4

When we cross multiply y/x = 5/4 we obtain:

4y = 5x

(4/5)y = x

0.8y = x

Since 0.8y = x, we can substitute 0.8y for x in the expression (y – x)/x * 100.

(y – 0.8y)/(0.8y) * 100 = ?

(0.2y)/(0.8y) * 100 = ?

(0.2/0.8) * 100 = ?

(1/4) * 100 = 25%

Statement two is sufficient.

_________________

# Jeffrey Miller

Jeff@TargetTestPrep.com
181 Reviews

5-star rated online GMAT quant
self study course

See why Target Test Prep is the top rated GMAT quant course on GMAT Club. Read Our Reviews

If you find one of my posts helpful, please take a moment to click on the "Kudos" button.

Senior Manager
Joined: 28 Feb 2014
Posts: 279
Location: India
GMAT 1: 570 Q49 V20
GPA: 3.97
WE: Engineering (Education)
Re: A clothing store acquired an item at a cost of x dollars and  [#permalink]

### Show Tags

14 Sep 2019, 04:48
Bunuel wrote:
A clothing store acquired an item at a cost of x dollars and sold the item for y dollars. The store's gross profit from the item was what percent of its cost for the item?

(1) y - x = 20
(2) y/x = 5/4

Practice Questions
Question: 51
Page: 279
Difficulty: 600

Profit percent = (profit / CP )*100% = (y-x)/x *100% = (y/x -1 )*100%

(1) Insufficient
(2) Sufficient

B is correct.
Intern
Joined: 19 Sep 2017
Posts: 5
Location: Pakistan
Schools: LBS '22
Re: A clothing store acquired an item at a cost of x dollars and  [#permalink]

### Show Tags

09 Dec 2019, 14:20
ANS:B

ST 1: VALUES UNKNOWN SO, INSUFFICIENT

ST 2: IN THIS CASE, RATIOS ARE ENOUGH TO ANS THE QUESTION BECAUSE WE HAVE TO FIND THE DIFFERENCE OF THE AMOUNT B/W X AND Y, SO , SUFFICIENT
Re: A clothing store acquired an item at a cost of x dollars and   [#permalink] 09 Dec 2019, 14:20
Display posts from previous: Sort by