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A store purchased 20 coats that each cost an equal amount and then sol

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

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New post 26 Jan 2011, 08:30
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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 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: A store purchased 20 coats that each cost an equal amount and then sol  [#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: A store purchased 20 coats that each cost an equal amount and then sol  [#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 and then sol  [#permalink]

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New post 12 Jan 2017, 17:55
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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 and then sol  [#permalink]

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New post 16 Jul 2018, 08:14
Statement 1: Info related to cost missing - Insufficient
Statement 2: estimation is made that if 2 more than GP = 440, thus 20*2 = 40, reduce the estimation profit you get 400, actual profit. Sufficient
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Re: gross profit problem  [#permalink]

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Re: gross profit problem   [#permalink] 21 Oct 2019, 02:51
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