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Last month, all units of product X produced by a certain company sold

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Last month, all units of product X produced by a certain company sold  [#permalink]

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New post 05 Oct 2016, 08:52
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32% (02:16) correct 68% (02:14) wrong based on 94 sessions

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Last month, all units of product X produced by a certain company sold out and the company's total cost were equal to $90000 plus 10 percent of the company's total revenue from all units of product X sold. If the company made a profit on product X last month , was the unit price of product X sold greater than $5 ?

(1) The company’s total costs of all units of X product sold were $120,000.

(2) The number of all Units of product X sold last month is less than 20000.

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Re: Last month, all units of product X produced by a certain company sold  [#permalink]

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New post 05 Oct 2016, 09:48
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Rev-cost=profit
They key to solving this problem is knowing that a profit was made!
Cost was $90,000 plus 10% of the revenue. Was each unit more than $5?
1. The company’s total costs of all units of X product sold were $120,000.
From statement one we get that 30,000 is 10% of the total revenue so the revenue is 300,000. This means that we have $180,000 in profit but we have no idea about the units sold.
2. The number of all Units of product X sold last month is less than 20000.
Lets assume that the number of products sold last month was 20,000 and each unit cost $5. By doing this we're maxing out the number of units possible to be sold. This means that we have $100,000 in revenue. We know from the prompt that the cost is $90,000 plus 10% of the revenue. So our costs is $100,000. The prompt states that there was a profit, so we know that the price of the unit MUST be greater than $5.

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Re: Last month, all units of product X produced by a certain company sold  [#permalink]

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New post 27 Oct 2018, 19:01
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Re: Last month, all units of product X produced by a certain company sold &nbs [#permalink] 27 Oct 2018, 19:01
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