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26 Apr 2019, 03:33
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B
Be sure to select an answer first to save it in the Error Log before revealing the correct answer (OA)!
Difficulty:
35%
(medium)
Question Stats:
64% (01:10) correct
36%
(01:05)
wrong
based on 2836
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If a merchant purchased a sofa from a manufacturer for $400 and then sold it, what was the selling price of the sofa?
(1) The selling price of the sofa was greater than 140 percent of the purchase price.
(2) The merchant's gross profit from the purchase and sale of the sofa was 1/3 of the selling price.
DS71521.01
OG2020 NEW QUESTION
(1) The selling price of the sofa was greater than 140 percent of the purchase price.
(2) The merchant's gross profit from the purchase and sale of the sofa was 1/3 of the selling price.
DS71521.01
OG2020 NEW QUESTION
26 Apr 2019, 04:15
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If a merchant purchased a sofa from a manufacturer for $400 and then sold it, what was the selling price of the sofa?
The cost price and selling price are interconnected through profit or loss. Here, cost price = c=400.
(1) The selling price of the sofa was greater than 140 percent of the purchase price.
The selling price is given as a range, so insuff....s>1.4*c...s>1.4*400....x>560
Insuff
(2) The merchant's gross profit from the purchase and sale of the sofa was 1/3 of the selling price.
If s is the selling price, profit =\(\frac{s}{3}\).
Thus c+\(\frac{s}{3}\)=s, or c=400=\(\frac{2s}{3}\), that is s=600.
Suff
B
The cost price and selling price are interconnected through profit or loss. Here, cost price = c=400.
(1) The selling price of the sofa was greater than 140 percent of the purchase price.
The selling price is given as a range, so insuff....s>1.4*c...s>1.4*400....x>560
Insuff
(2) The merchant's gross profit from the purchase and sale of the sofa was 1/3 of the selling price.
If s is the selling price, profit =\(\frac{s}{3}\).
Thus c+\(\frac{s}{3}\)=s, or c=400=\(\frac{2s}{3}\), that is s=600.
Suff
B
27 Apr 2019, 14:23
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The Logical approach to this question will focus on finding the profit/lost, which will get us from the cost to the selling price.
Statement (1) uses the term 'greater than' which gives us range, and thus doesn't lead to one definite answer to the question we're asked. (A) and (D) are eliminated.
Statement (2) provides the ratio between the profit and the selling price, which is sufficient: if the profit is a third of the selling price then the cost is the other two thirds. Since we have a ratio and a number (the cost), we have all we need. The correct answer is (B).
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Statement (1) uses the term 'greater than' which gives us range, and thus doesn't lead to one definite answer to the question we're asked. (A) and (D) are eliminated.
Statement (2) provides the ratio between the profit and the selling price, which is sufficient: if the profit is a third of the selling price then the cost is the other two thirds. Since we have a ratio and a number (the cost), we have all we need. The correct answer is (B).
Posted from my mobile device
