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

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

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New post Updated on: 10 Jun 2013, 04:54
00:00
A
B
C
D
E

Difficulty:

  15% (low)

Question Stats:

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

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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

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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.
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Re: Sleeping bags [#permalink]

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New post 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.

Answer: D.

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

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New post 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
Answer D...

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

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New post 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

Answer: D
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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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