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# From the sale of sleeping bags, a retailer made a gross

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Director
Status: Finally Done. Admitted in Kellogg for 2015 intake
Joined: 25 Jun 2011
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Location: United Kingdom
GMAT 1: 730 Q49 V45
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WE: Information Technology (Consulting)
From the sale of sleeping bags, a retailer made a gross [#permalink]

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Updated on: 10 Jun 2013, 04:54
00:00

Difficulty:

15% (low)

Question Stats:

78% (01:14) correct 22% (01:14) wrong based on 130 sessions

From the sale of sleeping bags, a retailer made a gross profit of 12% of the wholesale cost. If each sleeping bag was sold for $28, what was the wholesale cost per bag? A. 3.00 B. 3.36 C. 24.64 D. 25.00 E. 31.36 _________________ Best Regards, E. MGMAT 1 --> 530 MGMAT 2--> 640 MGMAT 3 ---> 610 GMAT ==> 730 Originally posted by enigma123 on 10 Mar 2012, 14:16. Last edited by Bunuel on 10 Jun 2013, 04:54, edited 2 times in total. Edited the question and added the OA. Math Expert Joined: 02 Sep 2009 Posts: 46167 Re: Sleeping bags [#permalink] ### Show Tags 10 Mar 2012, 14:41 enigma123 wrote: From the sale of sleeping bags, a retailer made a gross profit of 12% of the wholesale cost. If each sleeping bag was sold for$28, what was the wholesale cost per bag?

A) 3

B) 3.36

C) 24.64

D) 25

E) 31.36

I don't have an OA. But anyone know how to solve this?

Cost price * 1.12 = Selling price --> Cost price * 1.12 = $28 --> Cost price =$25.

Actually even without any math only C and D make any sense, but since 24.64 * 1.12 won't be an integer ($28) then only answer choice D remains. _________________ Director Joined: 04 Dec 2015 Posts: 700 Location: India Concentration: Technology, Strategy Schools: ISB '19, IIMA , IIMB, XLRI WE: Information Technology (Consulting) Re: From the sale of sleeping bags, a retailer made a gross [#permalink] ### Show Tags 17 May 2017, 05:42 From the sale of sleeping bags, a retailer made a gross profit of 12% of the wholesale cost. If each sleeping bag was sold for$28, what was the wholesale cost per bag?

A. 3.00
B. 3.36
C. 24.64
D. 25.00
E. 31.36

Selling price of sleeping bag = $28 Profit on sleeping bag = 12% Therefore Selling price = 112% of Cost price = $$\frac{112}{100}$$ x Cost price = 28 Cost Price = $$\frac{28 * 100}{112}$$ =$25

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Re: From the sale of sleeping bags, a retailer made a gross [#permalink]

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19 May 2017, 06:26
enigma123 wrote:
From the sale of sleeping bags, a retailer made a gross profit of 12% of the wholesale cost. If each sleeping bag was sold for \$28, what was the wholesale cost per bag?

A. 3.00
B. 3.36
C. 24.64
D. 25.00
E. 31.36

Since the retailer made a profit of 12% of the wholesale cost:

profit = 0.12(cost)

revenue - cost = 0.12(cost)

28 - cost = 0.12(cost)

28 = 1.12c

28/1.12 = c

25 = c = wholesale cost

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Re: From the sale of sleeping bags, a retailer made a gross   [#permalink] 19 May 2017, 06:26
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