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Math Expert V
Joined: 02 Sep 2009
Posts: 55618
A fruit seller bought 2000 quarts of berries at 80 cents per quart. If  [#permalink]

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Difficulty:   25% (medium)

Question Stats: 77% (02:44) correct 23% (02:48) wrong based on 99 sessions

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A fruit seller bought 2000 quarts of berries at 80 cents per quart. If 1/4 of the berries become too ripe for sale, what should be the selling price per quart of the remainder so that the gross profit will be 20 percent of the total cost?

(A) $0.25 (B)$0.80

(C) $1.00 (D)$1.10

(E) $1.28 _________________ examPAL Representative P Joined: 07 Dec 2017 Posts: 1072 Re: A fruit seller bought 2000 quarts of berries at 80 cents per quart. If [#permalink] Show Tags Bunuel wrote: A fruit seller bought 2000 quarts of berries at 80 cents per quart. If 1/4 of the berries become too ripe for sale, what should be the selling price per quart of the remainder so that the gross profit will be 20 percent of the total cost? (A)$0.25

(B) $0.80 (C)$1.00

(D) $1.10 (E)$1.28

Instead of explicitly calculating, we'll use the logic of percents and ratios.
This is a Logical approach.

If the seller had sold each unit at the original price they would have made 75% of the original price, a 25% loss.
Since they made a 20% profit, then the ratio selling price:original price must be 120:75 = 24:15 = 8:5
So our number is 8:5 * 80 cents = 640/5 = 128 cents = $1.28 (E) is our answer. _________________ Retired Moderator P Joined: 07 Jan 2016 Posts: 1091 Location: India GMAT 1: 710 Q49 V36 Re: A fruit seller bought 2000 quarts of berries at 80 cents per quart. If [#permalink] Show Tags 1 Bunuel wrote: A fruit seller bought 2000 quarts of berries at 80 cents per quart. If 1/4 of the berries become too ripe for sale, what should be the selling price per quart of the remainder so that the gross profit will be 20 percent of the total cost? (A)$0.25

(B) $0.80 (C)$1.00

(D) $1.10 (E)$1.28

2000 quarts at .8$cost = 1600$

1/4 quarts wasted.. remaining can be sold = 2000 x 3/4 = 1500

20% of 1600 = 320 $total cost = 1600 + 320 = 1920 selling price = total cost / quarts remaining == 1920/1500 = 1.28$

(E) imo
Senior Manager  P
Joined: 07 Jul 2012
Posts: 376
Location: India
Concentration: Finance, Accounting
GPA: 3.5
Re: A fruit seller bought 2000 quarts of berries at 80 cents per quart. If  [#permalink]

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Total cost of 2000 quarts of berries= 2000*0.80= $1600 Gross Profit=$1600*$$\frac{20}{100}$$ =3200

Selling Price= $1600 +$320= $1920 Remaining berries to be sold= 2000- 500= 1500 Selling price of remaining berries per quart= $$\frac{1920}{1500}$$=$1.28

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Target Test Prep Representative G
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Re: A fruit seller bought 2000 quarts of berries at 80 cents per quart. If  [#permalink]

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Bunuel wrote:
A fruit seller bought 2000 quarts of berries at 80 cents per quart. If 1/4 of the berries become too ripe for sale, what should be the selling price per quart of the remainder so that the gross profit will be 20 percent of the total cost?

(A) $0.25 (B)$0.80

(C) $1.00 (D)$1.10

(E) $1.28 The cost for the berries was c = 2,000 x 0.8 = 1,600 dollars. The number of quarts of berries sold is 2,000 x 3/4 = 1,500. Letting r = total revenue, we will use the formula for gross profit, which is r - c. In order for gross profit to be 20% of cost, we need: r - c = 0.2c r = 1.2c r = 1.2(1600) = 1,920 If we let p = the selling price per quart of berries, our revenue will be:: 1,500 x p = 1920 p = 1.28 Answer: E _________________ Jeffrey Miller Head of GMAT Instruction Jeff@TargetTestPrep.com 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 SC Moderator V Joined: 22 May 2016 Posts: 2892 A fruit seller bought 2000 quarts of berries at 80 cents per quart. If [#permalink] Show Tags Bunuel wrote: A fruit seller bought 2000 quarts of berries at 80 cents per quart. If 1/4 of the berries become too ripe for sale, what should be the selling price per quart of the remainder so that the gross profit will be 20 percent of the total cost? (A)$0.25

(B) $0.80 (C)$1.00

(D) $1.10 (E)$1.28

Profit = TR - TC, AND
TR = TC + Profit
Because we can find both TC and profit pretty easily, find what TR must be and divide by number of quarts sold to get sell price per quart

TC, Profit, TR

TR = TC + Profit
TR = (# quarts sold)*(Price, P, per quart)

Find Total Cost:
2,000 quarts at $0.80 per quart TC = (2,000 *$0.80) = $1,600 Find Profit: 20 percent of TC Profit= (.20 *$1,600) = $320 TR =$320 + $1,600 =$1,920

Sell price per quart?
Find sell price from the other TR formula

TR =$1,920= (# qrts sold)*(Price, P, per qrt) How many quarts sold? (2,000 - 500) = 1,500 quarts sold At what sell price per item, P? TR= (# of items)*(sell price per item,P) $$1,920 =1,500P$$ $$P =\frac{1,920}{1,500}=1.28$$ ANSWER E Once we have $$1,920 =1,500P$$ there is no need to calculate exactly. Answers A, B, and C are too small. Answer C, e.g.,$1.00:
1,500*$1.00 =$1,500. Not close to $1,920 Answer D, mental math eliminates. Split$1.10 into $1 and$0.10
1,500 * $1 =$1,500
1,500 * $0.10 =$150
= $1,650 total By POE, ANSWER E *Faster: Profit is 20 percent of the total cost = 20 percent more than total cost= TR: ($1,600 * 1.2) = $1,920 = TR _________________ SC Butler has resumed! Get two SC questions to practice, whose links you can find by date, here. Tell me, what is it you plan to do with your one wild and precious life? -- Mary Oliver Director  D Affiliations: IIT Dhanbad Joined: 13 Mar 2017 Posts: 730 Location: India Concentration: General Management, Entrepreneurship GPA: 3.8 WE: Engineering (Energy and Utilities) Re: A fruit seller bought 2000 quarts of berries at 80 cents per quart. If [#permalink] Show Tags Bunuel wrote: A fruit seller bought 2000 quarts of berries at 80 cents per quart. If 1/4 of the berries become too ripe for sale, what should be the selling price per quart of the remainder so that the gross profit will be 20 percent of the total cost? (A)$0.25

(B) $0.80 (C)$1.00

(D) $1.10 (E)$1.28

Total cost of 2000 quarts of berries = 2000 * $0.80 = 1600$
After profit of 20%, total selling price will be 1600*1.2 = 1920 $Since 1/4th quarts are too ripe , so only 3/4 th quarts = 1500 quaarts is left to be sold.. Let the selling price of 1 quart = x So, 1500 x = 1920$
x = 1.28 \$

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What I believe is : "Nothing is Impossible, Even Impossible says I'm Possible" : "Stay Hungry, Stay Foolish". Re: A fruit seller bought 2000 quarts of berries at 80 cents per quart. If   [#permalink] 28 Nov 2018, 09:27
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