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

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06 Aug 2008, 12:12

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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?

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

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06 Aug 2008, 12:21

chan4312 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

A. Statement (1) ALONE is sufficient, but statement (2) alone is not sufficient. B. Statement (2) ALONE is sufficient, but statement (1) alone is not sufficient. C. BOTH statements TOGETHER are sufficient, but NEITHER statement ALONE is sufficient. D. EACH statement ALONE is sufficient. E. Statements (1) and (2) TOGETHER are NOT sufficient.

Answer is C. Stat-1 tells about the profit but does not tell about the original cost. Using 1 and 2 both you get both the value of x and the $20 profit on it. Hope I am right.

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

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06 Aug 2008, 12:28

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This post received KUDOS

chan4312 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

A. Statement (1) ALONE is sufficient, but statement (2) alone is not sufficient. B. Statement (2) ALONE is sufficient, but statement (1) alone is not sufficient. C. BOTH statements TOGETHER are sufficient, but NEITHER statement ALONE is sufficient. D. EACH statement ALONE is sufficient. E. Statements (1) and (2) TOGETHER are NOT sufficient.

gross profit = n (y-x)

% = n(y-x)/nx = (y-x) / x

(1) y – x = 20

(y-x) / x = 20/x*100 not suffcieint.. we don't the x

2) suffciient. (y-x) / x = y/x-1 % = 5/4-1*100

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

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06 Aug 2008, 12:38

x2suresh wrote:

gross profit = n (y-x) % = n(y-x)/nx = (y-x) / x (1) y – x = 20 (y-x) / x = 20/x*100 not suffcieint.. we don't the x 2) suffciient. (y-x) / x = y/x-1 % = 5/4-1*100 B

sorry....PR told me not to use too much algebra...I guess they were wrong

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

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06 Aug 2008, 17:20

chan4312 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

A. Statement (1) ALONE is sufficient, but statement (2) alone is not sufficient. B. Statement (2) ALONE is sufficient, but statement (1) alone is not sufficient. C. BOTH statements TOGETHER are sufficient, but NEITHER statement ALONE is sufficient. D. EACH statement ALONE is sufficient. E. Statements (1) and (2) TOGETHER are NOT sufficient.

Clearly B

Here the cost price =x selling price=y gross profit =y-x gross profit % = (y-x) /x = (y/x)-1 ------->eqn I

Now (1) is INSUFFI since we y-x=20 but no clue about x (2) is SUFFI we know y/x=5/4

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

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26 Oct 2010, 23:38

monirjewel 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?

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

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20 Oct 2011, 12:58

ankitranjan wrote:

monirjewel 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

Question requires {(y-x)/x}*100

or {(y/x)-1}*100

we can get this from (2),

Hence answer is B.

This is my working too. From Rephrasing the original question, it boils down to (Y/X - 1)*100.

So all we really need is Y/X which is provided in B and hence is the answer.

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

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27 Oct 2016, 20:52

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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?

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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