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A store purchased 20 coats that each cost an equal amount

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

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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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New post 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.

Answer: B.
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Re: GMAT PREP Gross Profit [#permalink]

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New post 08 Mar 2011, 20:06
The question is asking :

20(SP - CP) = ?

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

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

So the answer is B.
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Re: A store purchased 20 coats that each cost an equal amount [#permalink]

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New post 10 Dec 2014, 09:47
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Re: A store purchased 20 coats that each cost an equal amount [#permalink]

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New post 12 Aug 2016, 11:02
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]

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New post 12 Jan 2017, 17:55
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.
Answer is B
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Re: A store purchased 20 coats that each cost an equal amount   [#permalink] 12 Jan 2017, 17:55
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