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

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.

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.

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

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

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

(1) Insufficient
(2) Sufficient

B is correct.

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

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