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Math Expert V
Joined: 02 Sep 2009
Posts: 58335
An appliance store acquired a refrigerator at a cost of x dollars an  [#permalink]

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Difficulty:   15% (low)

Question Stats: 86% (01:19) correct 14% (01:19) wrong based on 89 sessions

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An appliance store acquired a refrigerator at a cost of x dollars and sold the item for y dollars. The cost of the item was what percent of its selling price?

(1) The gross profit from the item was 25% of the cost of the item.

(2) The gross profit from the item was 20% of the selling price of the item.

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Marshall & McDonough Moderator D
Joined: 13 Apr 2015
Posts: 1686
Location: India
Re: An appliance store acquired a refrigerator at a cost of x dollars an  [#permalink]

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Cost Price = x
Selling Price = y

Question asks x is what % of y --> (x/y)*100

St1: Profit = y - x = 0.25x --> y = 1.25x
As we have expressed y in terms of x it is sufficient to find the percentage
(x/1.25x)*100 = 80%
Sufficient

St2: Profit = y - x = 0.2y --> x = 0.8y
As x is expressed in terms of y we can find the percentage.
(0.8y/y)*100 = 80%
Sufficient

Math Expert V
Joined: 02 Sep 2009
Posts: 58335
Re: An appliance store acquired a refrigerator at a cost of x dollars an  [#permalink]

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Bunuel wrote:
An appliance store acquired a refrigerator at a cost of x dollars and sold the item for y dollars. The cost of the item was what percent of its selling price?

(1) The gross profit from the item was 25% of the cost of the item.

(2) The gross profit from the item was 20% of the selling price of the item.

VERITAS PREP OFFICIAL SOLUTION:

You should know the general formula:

Gross Profit = Selling Price – Cost

In terms of this question, we can write:

G = Y – X

We want to determine (X/Y) * 100

Statement 1 tells us G = 0.25X. We can substitute this into the original equation to get:

0.25X = Y – X

or

(1/4)X = Y - X

Combining like terms:

(5/4)X = Y

Thus, X/Y = 4/5

SUFFICIENT

Statement 2 tells us G = 0.2Y. We can substitute this into the original equation to get:

0.2Y = Y – X

or

(1/5)Y = Y – X

Combining like terms:

X = (4/5)Y

Thus, X/Y = 4/5

SUFFICIENT
_________________ Re: An appliance store acquired a refrigerator at a cost of x dollars an   [#permalink] 01 Jan 2018, 11:35
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