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# In 1995 a certain store had 1,800 tools in stock that had been purchas

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Manager
Joined: 19 Nov 2007
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In 1995 a certain store had 1,800 tools in stock that had been purchas [#permalink]

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12 Nov 2009, 02:29
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Difficulty:

15% (low)

Question Stats:

72% (01:18) correct 28% (00:49) wrong based on 198 sessions

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In 1995 a certain store had 1,800 tools in stock that had been purchased for \$30 each. If 1,000 of these tools were sold in 1995 for \$40 each and the remaining 800 were sold in 1996 for \$50 each, how many greater was the gross profit on the tools sold in 1996 than the gross profit on those sold in 1995?

A. \$0
B. \$6,000
C. \$8,000
D. \$32,000
E. \$40,000
[Reveal] Spoiler: OA

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Manager
Joined: 10 Sep 2009
Posts: 112

Kudos [?]: 80 [2], given: 10

Re: In 1995 a certain store had 1,800 tools in stock that had been purchas [#permalink]

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12 Nov 2009, 02:33
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Profit = Revenue - Charge

P(1995) = 40.1000 - 30.1000 = 10.000
P(1996) = 50.800 - 30.800 = 20.800 = 16.000

Ans is 6000\$

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Manager
Joined: 13 Aug 2009
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Schools: Sloan '14 (S)
Re: In 1995 a certain store had 1,800 tools in stock that had been purchas [#permalink]

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12 Nov 2009, 02:51
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The keyword here is "Gross Profit":

Gross Profit = (Selling Price - Original Price)*(# of Items Sold)

So lets figure out what the Gross Profit for 1995:

GP1995 = (40-30)*(1000) = 10000

And the Gross Profit for 1996:

GP1996 = (50-30)*(800) = 16000

So the difference would be:

16000-10000 = 6000

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Re: In 1995 a certain store had 1,800 tools in stock that had been purchas [#permalink]

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01 May 2011, 22:51
profit '95 = 1000*40 - 1000*30= 10,000
profit '96 = 800 * 50 - 800 *30 = 16,000
Thus difference = 6000.B
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Kudos [?]: 274 [0], given: 10

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Re: In 1995 a certain store had 1,800 tools in stock that had been purchas [#permalink]

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24 Oct 2014, 08:53
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Re: In 1995 a certain store had 1,800 tools in stock that had been purchas [#permalink]

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16 Jan 2016, 07:08
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).

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Kudos [?]: 270 [0], given: 0

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Re: In 1995 a certain store had 1,800 tools in stock that had been purchas [#permalink]

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25 Feb 2017, 16:49
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.
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Re: In 1995 a certain store had 1,800 tools in stock that had been purchas   [#permalink] 25 Feb 2017, 16:49
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# In 1995 a certain store had 1,800 tools in stock that had been purchas

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