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# A souvenir vendor purchased 1,000 shirts for a special event at a pric

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Math Expert
Joined: 02 Sep 2009
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A souvenir vendor purchased 1,000 shirts for a special event at a pric  [#permalink]

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30 Jul 2018, 00:11
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Difficulty:

5% (low)

Question Stats:

94% (01:15) correct 6% (01:46) wrong based on 463 sessions

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A souvenir vendor purchased 1,000 shirts for a special event at a price of $5 each. The vendor sold 600 of the shirts on the day of the event for$12 each and 300 of the shirts in the week following the event for $4 each. The vendor was unable to sell the remaining shirts. What was the vendor's gross profit on the sale of these shirts? A.$1,000
B. $2,200 C.$2,700
D. $3,000 E.$3,400

NEW question from GMAT® Quantitative Review 2019

(PS11468)

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Senior Manager
Joined: 18 Jun 2018
Posts: 268
A souvenir vendor purchased 1,000 shirts for a special event at a pric  [#permalink]

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30 Jul 2018, 00:19
Bunuel wrote:
A souvenir vendor purchased 1,000 shirts for a special event at a price of $5 each. The vendor sold 600 of the shirts on the day of the event for$12 each and 300 of the shirts in the week following the event for $4 each. The vendor was unable to sell the remaining shirts. What was the vendor's gross profit on the sale of these shirts? A.$1,000
B. $2,200 C.$2,700
D. $3,000 E.$3,400

NEW question from GMAT® Quantitative Review 2019

(PS11468)

OA:E
$$Cost = 1000*5 =5000$$
$$Revenue = 600*12 + 300*4 = 7200+1200=8400$$
$$Gross profit = Revenue -Cost = 8400-5000=3400 Dollars$$
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Re: A souvenir vendor purchased 1,000 shirts for a special event at a pric  [#permalink]

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10 Aug 2018, 18:59
Bunuel wrote:
A souvenir vendor purchased 1,000 shirts for a special event at a price of $5 each. The vendor sold 600 of the shirts on the day of the event for$12 each and 300 of the shirts in the week following the event for $4 each. The vendor was unable to sell the remaining shirts. What was the vendor's gross profit on the sale of these shirts? A.$1,000
B. $2,200 C.$2,700
D. $3,000 E.$3,400

The cost to the vendor for the shirts was 1,000 x 5 = $5,000. Revenue from sales was 600 x 12 + 300 x 4 = 7200 + 1200 =$8,400.

Thus, the gross profit = revenue - cost = $8,400 -$5,000 = $3,400. Answer: E _________________ # Scott Woodbury-Stewart Founder and CEO Scott@TargetTestPrep.com 122 Reviews 5-star rated online GMAT quant self study course See why Target Test Prep is the top rated GMAT quant course on GMAT Club. Read Our Reviews If you find one of my posts helpful, please take a moment to click on the "Kudos" button. Manager Joined: 21 Jun 2019 Posts: 79 Location: Canada Concentration: Finance, Accounting GMAT 1: 670 Q48 V34 GPA: 3.78 Re: A souvenir vendor purchased 1,000 shirts for a special event at a pric [#permalink] ### Show Tags 26 Jun 2019, 09:54 hello, given: purchased 1000 shirts each for 5$, we have a total cost of 5000$600 shirts were sold for 12 dollars each so 600*12=7200$

300 shirts were sold for 4$each so 300*4=1200$

total revenue= 7200$+1200$=8400$gross profit= 8400$-5000$=3400$
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Re: A souvenir vendor purchased 1,000 shirts for a special event at a pric  [#permalink]

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27 Jun 2019, 23:54

Solution

Given:
• A souvenir vendor purchased 1,000 shirts for a special event at a price of $5 each. • The vendor sold 600 of the shirts on the day of the event for$12 each.
o And, 300 of the shirts in the week following the event for $4 each. • The vendor was unable to sell the remaining shirts To find: • Vendor's gross profit on the sale of these shirts Approach and Working: • Vendor Cost price for buying the shirts = 1000 * 5 =$5000
• Total selling price of purchasing the shirts = 600 *12 +300 *4 =7200 +1200 = $8400 Hence, gross profit = Total selling price – Total cost price = 8400 -5000 =$3,400

Hence, the correct answer is option E.

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Re: A souvenir vendor purchased 1,000 shirts for a special event at a pric  [#permalink]

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01 Jul 2019, 17:21
Bunuel wrote:
A souvenir vendor purchased 1,000 shirts for a special event at a price of $5 each. The vendor sold 600 of the shirts on the day of the event for$12 each and 300 of the shirts in the week following the event for $4 each. The vendor was unable to sell the remaining shirts. What was the vendor's gross profit on the sale of these shirts? A.$1,000
B. $2,200 C.$2,700
D. $3,000 E.$3,400

NEW question from GMAT® Quantitative Review 2019

(PS11468)

The gross profit is:

600 x 12 + 300 x 4 - 1,000 x 5 = 7200 + 1200 - 5000 = 8400 - 5000 = 3400

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# Scott Woodbury-Stewart

Founder and CEO

Scott@TargetTestPrep.com
122 Reviews

5-star rated online GMAT quant
self study course

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.

Re: A souvenir vendor purchased 1,000 shirts for a special event at a pric   [#permalink] 01 Jul 2019, 17:21
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