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

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Manager
Joined: 14 Mar 2008
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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.

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VP
Joined: 10 Jun 2007
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06 Apr 2008, 14:48
2
KUDOS
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

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Intern
Joined: 02 Apr 2008
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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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Intern
Joined: 08 Apr 2008
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09 Apr 2008, 08:59
You're right.It's definetely B.

Thanks for the question . It was a tricky one. I chose C at first.

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Manager
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09 Apr 2008, 09:11
That is good bkk145. I need to learn to create formulas and variables better out of words. Kudos.

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09 Apr 2008, 12:14
Let G=Gross Profit, S=Selling Price, and C=Cost

The equation we can setup, using the main prompt, is G=20S-20C

1. \$2400=40S-20C. We can't derive the value of the variables, and thus, cannot determine G for 20S-20C. Therefore, INSUFFICIENT.

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.

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Senior Manager
Joined: 29 Jan 2007
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Location: Earth

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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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VP
Joined: 03 Apr 2007
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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

Kudos [?]: 800 [0], given: 10

Re: DS: coats   [#permalink] 09 Apr 2008, 19:10
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