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

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

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New post 01 Oct 2012, 04:14
4
16
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A
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E

Difficulty:

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Question Stats:

71% (01:15) correct 29% (01:30) wrong based on 1393 sessions

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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

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Question: 51
Page: 279
Difficulty: 600

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Re: A clothing store acquired an item at a cost of x dollars and  [#permalink]

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New post 01 Oct 2012, 04:15
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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.

Answer: B.
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Collection of Questions:
PS: 1. Tough and Tricky questions; 2. Hard questions; 3. Hard questions part 2; 4. Standard deviation; 5. Tough Problem Solving Questions With Solutions; 6. Probability and Combinations Questions With Solutions; 7 Tough and tricky exponents and roots questions; 8 12 Easy Pieces (or not?); 9 Bakers' Dozen; 10 Algebra set. ,11 Mixed Questions, 12 Fresh Meat

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Re: A clothing store acquired an item at a cost of x dollars and  [#permalink]

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New post 01 Oct 2012, 06:55
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

B shoould be the answer
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Re: A clothing store acquired an item at a cost of x dollars and  [#permalink]

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New post 01 Oct 2012, 09:52
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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

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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.

Answer B.
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Re: A clothing store acquired an item at a cost of x dollars and  [#permalink]

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New post 04 Oct 2012, 13:26
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.

Answer: B.

Kudos points given to everyone with correct solution. Let me know if I missed someone.
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Resources:
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Collection of Questions:
PS: 1. Tough and Tricky questions; 2. Hard questions; 3. Hard questions part 2; 4. Standard deviation; 5. Tough Problem Solving Questions With Solutions; 6. Probability and Combinations Questions With Solutions; 7 Tough and tricky exponents and roots questions; 8 12 Easy Pieces (or not?); 9 Bakers' Dozen; 10 Algebra set. ,11 Mixed Questions, 12 Fresh Meat

DS: 1. DS tough questions; 2. DS tough questions part 2; 3. DS tough questions part 3; 4. DS Standard deviation; 5. Inequalities; 6. 700+ GMAT Data Sufficiency Questions With Explanations; 7 Tough and tricky exponents and roots questions; 8 The Discreet Charm of the DS; 9 Devil's Dozen!!!; 10 Number Properties set., 11 New DS set.


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Re: A clothing store acquired an item at a cost of x dollars and  [#permalink]

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New post 04 Oct 2012, 13:36
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Re: A clothing store acquired an item at a cost of x dollars and  [#permalink]

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New post 04 Sep 2018, 11:19
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.

Answer: B
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Re: A clothing store acquired an item at a cost of x dollars and &nbs [#permalink] 04 Sep 2018, 11:19
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