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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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01 Oct 2012, 05:14
4
18
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Difficulty:

25% (medium)

Question Stats:

71% (01:16) correct 29% (01:31) wrong based on 1474 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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01 Oct 2012, 05:15
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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.

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

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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

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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01 Oct 2012, 10:52
2
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

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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.

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

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

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

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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.

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Re: A clothing store acquired an item at a cost of x dollars and   [#permalink] 04 Sep 2018, 12:19
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