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# A store purchased 20 coats that each cost an equal amount

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Intern
Joined: 14 Sep 2010
Posts: 21
A store purchased 20 coats that each cost an equal amount [#permalink]

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26 Jan 2011, 08:30
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Difficulty:

55% (hard)

Question Stats:

63% (01:12) correct 37% (01:19) wrong based on 235 sessions

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A store purchased 20 coats that each cost an equal amount and then sold each of the 20 coats at an equal price. What was the store’s gross profit on 20 coats?
1) If the selling price per coat had been twice as much , the store’s gross profit on the 20 coats would have been \$2,400
2) If the selling price per coat had been \$2 more, the store’s gross profit on the 20 coats would have been \$440
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Re: GMAT PREP Gross Profit [#permalink]

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26 Jan 2011, 08:59
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A store purchased 20 coats that each cost an equal amount and then sold each of the 20 coats at an equal price. What was the store’s gross profit on 20 coats?

Question: 20*selling price - 20*cost = ? --> 20*(s - c) = ? So basically we are asked to determine the value of s - c.

(1) If the selling price per coat had been twice as much , the store’s gross profit on the 20 coats would have been \$2,400 --> 20*2s - 20c = 2,400 --> 2s - c = 120 --> not sufficient to calculate s - c.

(2) If the selling price per coat had been \$2 more, the store’s gross profit on the 20 coats would have been \$440 --> 20*(s + 2) - 20c = 440 --> 20s + 40 - 20c = 440 --> s - c = 20. Sufficient.

Or you can deal with this statement in another way: increasing the price per coat by \$2 will give a store an additional 20*2\$=\$40, so the profit without this increase should be 440-40=\$400. Sufficient.

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Re: GMAT PREP Gross Profit [#permalink]

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08 Mar 2011, 20:06

20(SP - CP) = ?

From (1) -> 20(2SP - CP) = 2400, not sufficient

From (2) -> 20 (SP + 2 - CP) = 440, sufficient

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Re: A store purchased 20 coats that each cost an equal amount [#permalink]

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12 Jan 2017, 17:55
2
Let the cost of each coat be x, the sales price be y. We just want to know what is 20(y-x).
For 1, we knew that 20(2y-x)=2400, insufficient to find y-x
For 2, we knew that 20(y+2-x)=440, we can get 20(y-x)=400. It's sufficient.
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Re: A store purchased 20 coats that each cost an equal amount [#permalink]

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21 Jan 2018, 12:05
Hello from the GMAT Club BumpBot!

Thanks to another GMAT Club member, I have just discovered this valuable topic, yet it had no discussion for over a year. I am now bumping it up - doing my job. I think you may find it valuable (esp those replies with Kudos).

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Re: A store purchased 20 coats that each cost an equal amount   [#permalink] 21 Jan 2018, 12:05
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