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A clothing store acquired an item at a cost of x dollars and

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chan4312
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A clothing store acquired an item at a cost of x dollars and [#permalink] New post   06 Aug 2008, 12:12
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A clothing store acquired an item at a cost of x dollars and sold the item for y dollars. The store’s gross profit from the item was what percent of its cost for the item?

(1) y – x = 20
(2) y / x = 5 / 4

Official Guide 12 Question

GMAT Official Guide 12

Question: 52
Page: 277
Difficulty: 600

Find All Official Guide Questions

Video Explanations:


OPEN DISCUSSION OF THIS QUESTION IS HERE: a-clothing-store-acquired-an-item-at-a-cost-of-x-dollars-and-139872.html
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new2gmat
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Re: A clothing store acquired an item at a cost of x dollars and [#permalink] New post   06 Aug 2008, 12:21
chan4312 wrote:
A clothing store acquired an item at a cost of x dollars and sold the item for y dollars. The store’s gross profit from the item was what percent of its cost for the item?
(1) y – x = 20
2) y / x = 5 / 4

A. Statement (1) ALONE is sufficient, but statement (2) alone is not sufficient.
B. Statement (2) ALONE is sufficient, but statement (1) alone is not sufficient.
C. BOTH statements TOGETHER are sufficient, but NEITHER statement ALONE is sufficient.
D. EACH statement ALONE is sufficient.
E. Statements (1) and (2) TOGETHER are NOT sufficient.

Answer is C.
Stat-1 tells about the profit but does not tell about the original cost. Using 1 and 2 both you get both the value of x and the $20 profit on it.
Hope I am right.
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Re: A clothing store acquired an item at a cost of x dollars and [#permalink] New post   06 Aug 2008, 12:28
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chan4312 wrote:
A clothing store acquired an item at a cost of x dollars and sold the item for y dollars. The store’s gross profit from the item was what percent of its cost for the item?
(1) y – x = 20
2) y / x = 5 / 4

A. Statement (1) ALONE is sufficient, but statement (2) alone is not sufficient.
B. Statement (2) ALONE is sufficient, but statement (1) alone is not sufficient.
C. BOTH statements TOGETHER are sufficient, but NEITHER statement ALONE is sufficient.
D. EACH statement ALONE is sufficient.
E. Statements (1) and (2) TOGETHER are NOT sufficient.


gross profit = n (y-x)

% = n(y-x)/nx = (y-x) / x

(1) y – x = 20

(y-x) / x = 20/x*100
not suffcieint.. we don't the x

2) suffciient.
(y-x) / x = y/x-1 % = 5/4-1*100

B
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Re: A clothing store acquired an item at a cost of x dollars and [#permalink] New post   06 Aug 2008, 12:38
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x2suresh wrote:
gross profit = n (y-x)
% = n(y-x)/nx = (y-x) / x
(1) y – x = 20
(y-x) / x = 20/x*100
not suffcieint.. we don't the x
2) suffciient.
(y-x) / x = y/x-1 % = 5/4-1*100
B

:oops: sorry....PR told me not to use too much algebra...I guess they were wrong :-D
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Re: A clothing store acquired an item at a cost of x dollars and [#permalink] New post   06 Aug 2008, 17:20
chan4312 wrote:
A clothing store acquired an item at a cost of x dollars and sold the item for y dollars. The store’s gross profit from the item was what percent of its cost for the item?
(1) y – x = 20
2) y / x = 5 / 4

A. Statement (1) ALONE is sufficient, but statement (2) alone is not sufficient.
B. Statement (2) ALONE is sufficient, but statement (1) alone is not sufficient.
C. BOTH statements TOGETHER are sufficient, but NEITHER statement ALONE is sufficient.
D. EACH statement ALONE is sufficient.
E. Statements (1) and (2) TOGETHER are NOT sufficient.


Clearly B

Here the cost price =x selling price=y
gross profit =y-x
gross profit % = (y-x) /x = (y/x)-1 ------->eqn I

Now (1) is INSUFFI since we y-x=20 but no clue about x
(2) is SUFFI we know y/x=5/4

IMO B
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pmenon
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Re: A clothing store acquired an item at a cost of x dollars and [#permalink] New post   06 Aug 2008, 19:50
B for me as well. We need to find (y-x)/x, or, in other terms, y/x - 1. This relationship is provided in stat 2, but not 1.
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Re: A clothing store acquired an item at a cost of x dollars and [#permalink] New post   26 Oct 2010, 23:38
monirjewel wrote:
A clothing store acquired an item at a cost of x dollars and sold the item for y dollars. The store's gross profit from the item was what percent of its cost for the item?

(1) y-x=20
(2) y/x=5/4


Question requires {(y-x)/x}*100

or {(y/x)-1}*100

we can get this from (2),

Hence answer is B.
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Re: A clothing store acquired an item at a cost of x dollars and [#permalink] New post   28 Oct 2010, 01:46
The question requires ((y-x)/x)*100

1. From this statement we know that (y-x) = 20 >> (20/x)*100 >> Insufficient

2. From this statement we know that y/x = 5/4 or 5x = 4y >> y = 5/4x >>> Insufficient

Whereas 1 and 2 combined gives us ((y-x)/x)*100 >> ((5/4x - x)/x)*100 = (20/x)*100 >> (5/4x - x)/x = 20/x
>> (1/4x) /x = 20/x >> 1/4 = 20/x >> x = 80
knowing y-x and x we can write ((y-x)/x)*100 as (20/80)*100 >> 25%

Therefore i will go for C !
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Re: A clothing store acquired an item at a cost of x dollars and [#permalink] New post   20 Oct 2011, 12:58
ankitranjan wrote:
monirjewel wrote:
A clothing store acquired an item at a cost of x dollars and sold the item for y dollars. The store's gross profit from the item was what percent of its cost for the item?

(1) y-x=20
(2) y/x=5/4


Question requires {(y-x)/x}*100

or {(y/x)-1}*100

we can get this from (2),

Hence answer is B.


This is my working too. From Rephrasing the original question, it boils down to (Y/X - 1)*100.

So all we really need is Y/X which is provided in B and hence is the answer.
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Re: A clothing store acquired an item at a cost of x dollars and [#permalink] New post   27 Oct 2016, 21:13
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chan4312 wrote:
A clothing store acquired an item at a cost of x dollars and sold the item for y dollars. The store’s gross profit from the item was what percent of its cost for the item?

(1) y – x = 20
(2) y / x = 5 / 4

Official Guide 12 Question

GMAT Official Guide 12

Question: 52
Page: 277
Difficulty: 600

Find All Official Guide Questions

Video Explanations:


A clothing store acquired an item at a cost of x dollars and sold the item for y dollars. The store's gross profit from the item was what percent of its cost for the item?

We need to find the value of \(\frac{y-x}{x}*100=(\frac{y}{x}-\frac{x}{x})*100=(\frac{y}{x}-1)*100\). So, basically we need to find the value of \(\frac{y}{x}\).

(1) y - x = 20. We cannot get the desired ratio from this statement. Not sufficient.
(2) y/x = 5/4. Directly gives us the value of \(\frac{y}{x}\). Sufficient.

Answer: B.

OPEN DISCUSSION OF THIS QUESTION IS HERE: a-clothing-store-acquired-an-item-at-a-cost-of-x-dollars-and-139872.html
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Re: A clothing store acquired an item at a cost of x dollars and [#permalink]
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