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Over the weekend, a shoe store sold 1/3 of the shoes in its stock. The

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Over the weekend, a shoe store sold 1/3 of the shoes in its stock. The  [#permalink]

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New post 17 Feb 2020, 04:19
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Over the weekend, a shoe store sold 1/3 of the shoes in its stock. The average price of the shoes sold was $60 per pair. What was the total revenue from the shoe sales over the weekend for this shoe store?

(1) When the store closed on Sunday night, 600 pairs of shoes were still in stock.

(2) The store began the weekend with 900 pairs of shoes.

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Re: Over the weekend, a shoe store sold 1/3 of the shoes in its stock. The  [#permalink]

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New post 19 Feb 2020, 04:17
Bunuel wrote:
Over the weekend, a shoe store sold 1/3 of the shoes in its stock. The average price of the shoes sold was $60 per pair. What was the total revenue from the shoe sales over the weekend for this shoe store?

(1) When the store closed on Sunday night, 600 pairs of shoes were still in stock.

(2) The store began the weekend with 900 pairs of shoes.


Solution


Step 1: Analyse Question Stem


    • The keyword in this question is over the weekend.
      o It means, at the end of the weekend, \(\frac{1}{3}\) of the shoes which were in stock at the start of the weekend, were sold.
    • The average price of the shoes sold = \($60\) per pair
We need to find revenue over the weekends.
    • \(Revenue = Shoes\ sold * Average\ price\ per\ pair = shoes\ sold*60\)
      o We just need to find the units of shoes sold.

Step 2: Analyse Statements Independently (And eliminate options) – AD/BCE


Statement 1: When the store closed on Sunday night, \(600\) pairs of shoes were still in stock.
    • Let \(x\) be the number of shoes in stock at start of the weekend.
      o According to the given condition, we can form the equation
         \(x – \frac{1}{3}*x = 600.\)
         \(\frac{2}{3}*x = 600.\)
         \(x = 900\).
      o Shoes sold = \(\frac{900}{3} = 300\).
         We can find the revenue with this statement.
Hence, statement 1 is sufficient, we can eliminate the answer options B, C, and E.
Statement 2: The store began the weekend with \(900\) shoes.
    • Shoes sold on weekend = \(\frac{900}{3}=300\)
      o We can find the revenue with this statement.
Hence, statement 2 is sufficient, the correct answer Option D.
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Re: Over the weekend, a shoe store sold 1/3 of the shoes in its stock. The  [#permalink]

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New post 19 Feb 2020, 05:14
1/3 of shoes was sold over the weekend, means that 2/3 remained on stock. We have also $60 per price. So to know the revenue we need to know how many shoes are in stock.

1) 600 pairs were still on stock when the store closed on sunday. 600 = 2/3 of total, with this information we can calculate the total. Discard B,C,E.
2) The store began with 900 pairs of shoes. This answers how many shoes were in the stock.

Option D is the correct answer
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Re: Over the weekend, a shoe store sold 1/3 of the shoes in its stock. The   [#permalink] 19 Feb 2020, 05:14

Over the weekend, a shoe store sold 1/3 of the shoes in its stock. The

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