Thank you for using the timer - this advanced tool can estimate your performance and suggest more practice questions. We have subscribed you to Daily Prep Questions via email.

Customized for You

we will pick new questions that match your level based on your Timer History

Track Your Progress

every week, we’ll send you an estimated GMAT score based on your performance

Practice Pays

we will pick new questions that match your level based on your Timer History

Not interested in getting valuable practice questions and articles delivered to your email? No problem, unsubscribe here.

It appears that you are browsing the GMAT Club forum unregistered!

Signing up is free, quick, and confidential.
Join other 500,000 members and get the full benefits of GMAT Club

Registration gives you:

Tests

Take 11 tests and quizzes from GMAT Club and leading GMAT prep companies such as Manhattan GMAT,
Knewton, and others. All are free for GMAT Club members.

Applicant Stats

View detailed applicant stats such as GPA, GMAT score, work experience, location, application
status, and more

Books/Downloads

Download thousands of study notes,
question collections, GMAT Club’s
Grammar and Math books.
All are free!

Thank you for using the timer!
We noticed you are actually not timing your practice. Click the START button first next time you use the timer.
There are many benefits to timing your practice, including:

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

Show Tags

06 Apr 2008, 12:30

00:00

A

B

C

D

E

Difficulty:

(N/A)

Question Stats:

100% (00:02) correct
0% (00:00) wrong based on 1 sessions

HideShow timer Statistics

This topic is locked. If you want to discuss this question please re-post it in the respective forum.

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.

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

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.

Answer C

(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)

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.

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.

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.

Answer C

(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)