Last visit was: 23 Jul 2024, 05:48 It is currently 23 Jul 2024, 05:48
Close
GMAT Club Daily Prep
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.
Close
Request Expert Reply
Confirm Cancel
SORT BY:
Date
Tags:
Show Tags
Hide Tags
User avatar
Manager
Manager
Joined: 22 Sep 2005
Posts: 148
Own Kudos [?]: 1083 [63]
Given Kudos: 1
Send PM
Most Helpful Reply
Math Expert
Joined: 02 Sep 2009
Posts: 94580
Own Kudos [?]: 643209 [25]
Given Kudos: 86728
Send PM
User avatar
Current Student
Joined: 26 May 2005
Posts: 353
Own Kudos [?]: 570 [9]
Given Kudos: 13
Send PM
General Discussion
User avatar
Manager
Manager
Joined: 26 Jan 2008
Posts: 160
Own Kudos [?]: 253 [3]
Given Kudos: 16
Send PM
Re: During a one day sale, a store sold each sweater of a certain type for [#permalink]
2
Kudos
1
Bookmarks
netcaesar wrote:
During a one day sale, a store sold each sweater of a certain type for $30 more than the store's cost to purchase each sweater. how many of those sweaters were sold during the sale?

1) During the sale the total revenue from sale of these sweaters was $270
2) During the sale, the store sold each of these sweaters at a price that was 50% greater than the store's cost to purchase each sweater.


(C)

Sale price = $30 + Cost price, or
S = $30 + C

1) Insufficient. Each sweater could have been sold for 60 or 230.
If n sweaters were sold, we have n*S = 270

2) Insufficient. 50% greater = $30, hence
or S = 1.5*C
Plugging this in the first equation, we get S = 90, C = 60. But we still don't have n.

Combining (1) & (2): n*90 = 270
or n = 3
User avatar
VP
VP
Joined: 29 Mar 2007
Posts: 1143
Own Kudos [?]: 1750 [3]
Given Kudos: 0
Send PM
Re: During a one day sale, a store sold each sweater of a certain type for [#permalink]
2
Kudos
1
Bookmarks
netcaesar wrote:
During a one day sale, a store sold each sweater of a certain type for $30 more than the store's cost to purchase each sweater. how many of those sweaters were sold during the sale?

1) During the sale the total revenue from sale of these sweaters was $270
2) During the sale, the store sold each of these sweaters at a price that was 50% greater than the store's cost to purchase each sweater.


1: revenue = profits - cost. 270$=(x+30)z z is the number of sweaters.

we have two unknowns and only 1 equation insuff.

2: x= cost. x+30=1.5x --> x=60 Thus total price is 90$. Insuff though b/c we dont know the revenue.

Together: 90z=270 --> z=3

C
Director
Director
Joined: 14 Jul 2010
Status:No dream is too large, no dreamer is too small
Posts: 959
Own Kudos [?]: 5019 [1]
Given Kudos: 690
Concentration: Accounting
Send PM
Re: During a one day sale, a store sold each sweater of a certain type for [#permalink]
1
Kudos
Given: S = C + 30 [S = Sales, c = cost]

(1) NS=270 [N = number of sales]
So, (c + 30) x N = 270, N is unknown, Insufficient.

(2) c+30 = 150%c, C can be calculated from the equation, but we need N=? Insufficient.
C= 60
Considering C
(60+30) x N = 270
N = 3
avatar
Intern
Intern
Joined: 27 Mar 2012
Posts: 6
Own Kudos [?]: 715 [0]
Given Kudos: 1
Send PM
Re: During a one day sale, a store sold each sweater of a certain type for [#permalink]
Could you please explain :
Revenue = price * # of sweaters sold --> . Not sufficient to determine .

here We can consider Revenue is selling price - cost price , Can we ?
Math Expert
Joined: 02 Sep 2009
Posts: 94580
Own Kudos [?]: 643209 [1]
Given Kudos: 86728
Send PM
Re: During a one day sale, a store sold each sweater of a certain type for [#permalink]
1
Bookmarks
Expert Reply
amitvmane wrote:
Could you please explain :
Revenue = price * # of sweaters sold --> . Not sufficient to determine .

here We can consider Revenue is selling price - cost price , Can we ?


The total revenue from the sale is (price per unit) * (# of units sold).

(Selling price per unit) - (Cost price per unit) = (Gross profit from one unit).
User avatar
Manager
Manager
Joined: 03 Oct 2013
Status:Kitchener
Posts: 64
Own Kudos [?]: 47 [0]
Given Kudos: 144
Location: Canada
Concentration: Finance, Finance
GPA: 2.9
WE:Education (Education)
Send PM
Re: During a one day sale, a store sold each sweater of a certain type for [#permalink]
Bunuel wrote:
aiming4mba wrote:
I didn't follow this one. could someone explain this?


During a one day sale, a store sold each sweater of a certain type for $30 more than the store's cost to purchase each sweater. How many of thses sweaters were sold during the sale?

(1) During the sale, the total revenue from the sale of these sweaters was $270.

(2) During the sale, the store sold each of these sweaters at a price that was 50% greater than the store's cost to purchase each sweater.

Given: \(p=c+30\)

(1) Revenue = price * # of sweaters sold --> \(270=p*n=(c+30)n\). Not sufficient to determine \(n\).

(2) \(p=1.5c=c+30\) --> \(c=60\). Not sufficient.

(1)+(2) \(c=60\) and \(270=(c+30)n=90n\) --> \(n=3\). Sufficient.

Answer: C.


Dear Bunuel,I follow the below way to answer the above question and I do not know what is the wrong in my way?

we have that (Selling price per unit) - (Cost price per unit) = (Gross profit from one unit)= 30

270= (Selling price per unit - Cost price per unit)*# of sweaters sold

270= 30*# of sweaters sold

So # of sweaters sold = 270/30
GMAT Club Legend
GMAT Club Legend
Joined: 19 Dec 2014
Status:GMAT Assassin/Co-Founder
Affiliations: EMPOWERgmat
Posts: 21835
Own Kudos [?]: 11793 [1]
Given Kudos: 450
Location: United States (CA)
GMAT 1: 800 Q51 V49
GRE 1: Q170 V170
Send PM
Re: During a one day sale, a store sold each sweater of a certain type for [#permalink]
1
Kudos
Expert Reply
Hi 23a2012,

In your calculation, you're using the PROFIT to determine the number of sweaters sold, but the $270 mentioned in Fact 1 is based on the REVENUE.

The equation is supposed to be:

$270 = (Sale price per sweater)(number of sweaters).

GMAT assassins aren't born, they're made,
Rich
avatar
Intern
Intern
Joined: 19 Dec 2019
Posts: 1
Own Kudos [?]: 0 [0]
Given Kudos: 0
Send PM
Re: During a one day sale, a store sold each sweater of a certain type for [#permalink]
I feel confused,

For each sweater, the store can earn $30, so if we can get the revenue is $270, why we cannot say that they sold out 9 sweaters?
GMAT Club Legend
GMAT Club Legend
Joined: 19 Dec 2014
Status:GMAT Assassin/Co-Founder
Affiliations: EMPOWERgmat
Posts: 21835
Own Kudos [?]: 11793 [1]
Given Kudos: 450
Location: United States (CA)
GMAT 1: 800 Q51 V49
GRE 1: Q170 V170
Send PM
Re: During a one day sale, a store sold each sweater of a certain type for [#permalink]
1
Kudos
Expert Reply
Hi haodong,

You're confusing REVENUE with PROFIT.

The prompt tells us that the PROFIT per sweater sold is $30. The information in Fact 1 tells us that the REVENUE generated was $270.

IF....
each sweater sold for $90, then $270/$90 = 3 sweaters were sold (and the profit was 3($30) = $90)
each sweater sold for $45, then $270/$45 = 6 sweaters were sold (and the profit was 6($30) = $180)

GMAT assassins aren't born, they're made,
Rich
Manager
Manager
Joined: 14 Nov 2018
Posts: 52
Own Kudos [?]: 14 [0]
Given Kudos: 211
Location: United Arab Emirates
Concentration: Finance, Strategy
Schools: LBS '22 (I)
GMAT 1: 590 Q42 V30
GMAT 2: 670 Q46 V36
GPA: 2.6
Send PM
Re: During a one day sale, a store sold each sweater of a certain type for [#permalink]
Bunuel chetan2u VeritasKarishma

Isnt it true if the price is more than $30, there can only be one price for the sweater i.e. 90 given the number of sweaters sold have to be an integer. Unless he sells one sweater for $270 but the question states how many sweaters?
GMAT Club Legend
GMAT Club Legend
Joined: 19 Dec 2014
Status:GMAT Assassin/Co-Founder
Affiliations: EMPOWERgmat
Posts: 21835
Own Kudos [?]: 11793 [1]
Given Kudos: 450
Location: United States (CA)
GMAT 1: 800 Q51 V49
GRE 1: Q170 V170
Send PM
Re: During a one day sale, a store sold each sweater of a certain type for [#permalink]
1
Kudos
Expert Reply
Hi gmatapprentice,

To answer your immediate question: YES - the number of sweaters MUST be an integer (for example, you can't buy "1/7 of a sweater" in these types of questions).

In my post (directly above yours), I included 2 different examples in which the selling price of a sweater was MORE than $30. There's actually another option though:

IF... each sweater sold for $135, then $270/$135 = 2 sweaters were sold (and the profit was 2($30) = $60)

GMAT assassins aren't born, they're made,
Rich
Manager
Manager
Joined: 14 Nov 2018
Posts: 52
Own Kudos [?]: 14 [0]
Given Kudos: 211
Location: United Arab Emirates
Concentration: Finance, Strategy
Schools: LBS '22 (I)
GMAT 1: 590 Q42 V30
GMAT 2: 670 Q46 V36
GPA: 2.6
Send PM
Re: During a one day sale, a store sold each sweater of a certain type for [#permalink]
Missed your post somehow EMPOWERgmatRichC - thanks for the clarification all clear.
Director
Director
Joined: 09 Jan 2020
Posts: 953
Own Kudos [?]: 235 [2]
Given Kudos: 432
Location: United States
Send PM
Re: During a one day sale, a store sold each sweater of a certain type for [#permalink]
2
Bookmarks
netcaesar wrote:
During a one day sale, a store sold each sweater of a certain type for $30 more than the store's cost to purchase each sweater. How many of these sweaters were sold during the sale?

(1) During the sale, the total revenue from the sale of these sweaters was $270.

(2) During the sale, the store sold each of these sweaters at a price that was 50% greater than the store's cost to purchase each sweater.


let purchase price = p
sale price = p + 30

How many of these sweaters were sold during the sale?

(1) Total revenue = $270

We don't know the purchase price. If the purchase price was $240, then only one sweater was sold. INSUFFICIENT.

(2) p + 30 = 1.5p
30 = 0.5p
60 = p
We know the purchase price is $60, from which we can conclude the sale price is $90. However, we don't know the total revenue. INSUFFICIENT.

(1&2) total revenue = $270; sale price = $90

We can conclude 3 sweaters were sold. SUFFICIENT.

Answer is C.
GMAT Club Legend
GMAT Club Legend
Joined: 03 Oct 2013
Affiliations: CrackVerbal
Posts: 4915
Own Kudos [?]: 7815 [0]
Given Kudos: 221
Location: India
Send PM
Re: During a one day sale, a store sold each sweater of a certain type for [#permalink]
Top Contributor
During a one day sale, a store sold each sweater of a certain type for $30 more than the store's cost to purchase each sweater. How many of these sweaters were sold during the sale?

Let SP be selling price of the sweater and Cp be the cost price of the sweater.
Its given that Sp = Cp + 30 and we are asked to find the no of sweaters sold ( Let it be N )

(1) During the sale, the total revenue from the sale of these sweaters was $270.
Revenue = N * SP = 270

Statement 1 is insufficient as we cant find the value of N

(2) During the sale, the store sold each of these sweaters at a price that was 50% greater than the store's cost to purchase each sweater.
Sp = Cp + 50 % of Cp

Its given in the question that SP is 30 $ more the Cp.
So we can say that 50 % of Cp = 30
Cp =60$
Sp = 60 + 30 = 90 $
Even though we got the value of Sp but still we cant find the value of N.
Hence statement 2 is insufficient

By combining statement 1 and 2, we will be able to find the value of N
N * Sp = 270 and Sp = 90

Option C is the answer

Thanks,
Clifin J Francis
GMAT SME
User avatar
Non-Human User
Joined: 09 Sep 2013
Posts: 34048
Own Kudos [?]: 853 [0]
Given Kudos: 0
Send PM
Re: During a one day sale, a store sold each sweater of a certain type for [#permalink]
Hello from the GMAT Club BumpBot!

Thanks to another GMAT Club member, I have just discovered this valuable topic, yet it had no discussion for over a year. I am now bumping it up - doing my job. I think you may find it valuable (esp those replies with Kudos).

Want to see all other topics I dig out? Follow me (click follow button on profile). You will receive a summary of all topics I bump in your profile area as well as via email.
GMAT Club Bot
Re: During a one day sale, a store sold each sweater of a certain type for [#permalink]
Moderator:
Math Expert
94580 posts