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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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06 Apr 2008, 12:30
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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 the 20 coats?

I. If the selling price per coat had been twice as much, the store's gross profit on the 20 coats would have been $2400 II. If the selling price per coat had been$2 more, the store's gross profit on the 20 coats would have been $440. Intern Joined: 02 Apr 2008 Posts: 37 Followers: 0 Kudos [?]: 12 [0], given: 0 Re: DS: coats [#permalink] Show Tags 06 Apr 2008, 12:46 zhenmaster wrote: 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 the 20 coats? I. If the selling price per coat had been twice as much, the store's gross profit on the 20 coats would have been$2400

II. If the selling price per coat had been $2 more, the store's gross profit on the 20 coats would have been$440.

(1) gives equality with two unknowns: 20*(2P-c)=2400, where P is price, c is the cost. INSUF
(2) gives another equality with two unknowns: 20*(P+2-c) =440. INSUF

Combined they solve the problem (2 inequalities with 2 unknowns)
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06 Apr 2008, 14:48
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zhenmaster wrote:
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 the 20 coats?

2. $440=20(S+2)-20C =>$440=20S+$40-20C =>$400=20S-20C. The Gross Profit for 20 coats sold is therefore $400, which answers the question. Therefore, SUFFICIENT. The correct answer choice is B. Senior Manager Joined: 29 Jan 2007 Posts: 442 Location: Earth Followers: 2 Kudos [?]: 63 [0], given: 0 Re: DS: coats [#permalink] Show Tags 09 Apr 2008, 14:30 bkk145 wrote: zhenmaster wrote: 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 the 20 coats? I. If the selling price per coat had been twice as much, the store's gross profit on the 20 coats would have been$2400

II. If the selling price per coat had been $2 more, the store's gross profit on the 20 coats would have been$440.

B.

S=Sell price
P=Purchase price
Looking for:

Profit = 20*(S-P)

(1) 2400 = 20*(2S - P)
=> 120 = 2S-B
INSUFFICIENT

(2) 440 = 20*(S+2-P)
=> 22 = S-P+2
S-P = 20
Plug this back in the original profit formula above:
Profit = 20*20 = 400

SUFFICIENT

bkk* It can be just 440 - (20*2) which is 400..... some of your calculations are unnecessary, IMHO

Last edited by kyatin on 09 Apr 2008, 19:20, edited 1 time in total.
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09 Apr 2008, 19:10
NightAlum wrote:
zhenmaster wrote:
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 the 20 coats?

I. If the selling price per coat had been twice as much, the store's gross profit on the 20 coats would have been $2400 II. If the selling price per coat had been$2 more, the store's gross profit on the 20 coats would have been \$440.

(1) gives equality with two unknowns: 20*(2P-c)=2400, where P is price, c is the cost. INSUF
(2) gives another equality with two unknowns: 20*(P+2-c) =440. INSUF

Combined they solve the problem (2 inequalities with 2 unknowns)

fell fo r the same trap
Re: DS: coats   [#permalink] 09 Apr 2008, 19:10
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