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

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

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New post 30 Jul 2018, 00:11
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Question Stats:

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

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

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New post 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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New post 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.

Answer: 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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New post 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

Answer: E
_________________

Scott Woodbury-Stewart

Founder and CEO

Scott@TargetTestPrep.com
TTP - Target Test Prep Logo
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.

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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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