NEW HERE? LEARN MORE
closeclose
Last visit was: 09 May 2024, 04:07 It is currently 09 May 2024, 04:07
Decision Tracker
My Rewards
New posts
New comers' posts

Close
GMAT Club Daily Prep
Thank you for using the timer - this advanced tool can estimate your performance and suggest more practice questions. We have subscribed you to Daily Prep Questions via email.

Customized
for You

we will pick new questions that match your level based on your Timer History

Track
Your Progress

every week, we’ll send you an estimated GMAT score based on your performance

Practice
Pays

we will pick new questions that match your level based on your Timer History
Not interested in getting valuable practice questions and articles delivered to your email? No problem, unsubscribe here.
Go to My Error Log Learn more
Close
Request Expert Reply
Confirm Cancel

An outlet sold 200 chairs and 120 tables. Each chair was sold at a los

SORT BY:
Date
Kudos
Tags:
Find Similar Topics 
Show Tags
Hide Tags
User avatar
L
Bunuel
Math Expert
Joined: 02 Sep 2009
Posts: 93119
Own Kudos [?]: 622359 [0]
Given Kudos: 81810
Send PM
CAT Tests Forum Quiz Mode
An outlet sold 200 chairs and 120 tables. Each chair was sold at a los [#permalink] New post   25 Feb 2020, 01:54
Expert Reply
00:00
A
B
C
D
E

Difficulty:

35% (medium)

Question Stats:

66% (01:23) correct 34% (01:37) wrong based on 92 sessions
Hide Show timer Statistics
An outlet sold 200 chairs and 120 tables. Each chair was sold at a loss of $20. What is the average profit on the table?

(1) The total revenue is $4000
(2) The total profit is $2500
ShowHide Answer
Official Answer
B
User avatar
L
chetan2u
RC & DI Moderator
Joined: 02 Aug 2009
Status:Math and DI Expert
Posts: 11219
Own Kudos [?]: 32363 [1]
Given Kudos: 301
Send PM
Reviews Badge Forum Quiz Mode
Re: An outlet sold 200 chairs and 120 tables. Each chair was sold at a los [#permalink] New post   25 Feb 2020, 23:41
1
Kudos
Expert Reply
Bunuel wrote:
An outlet sold 200 chairs and 120 tables. Each chair was sold at a loss of $20. What is the average profit on the table?

(1) The total revenue is $4000
(2) The total profit is $2500


Let the profit be a and b, so we are looking for b..
Total profit = 200a+120b=200*(-20)+120b=120b-4000

(1) The total revenue is $4000
If the selling prices are c and t respectively, 200c+120t=4000
There is nothing much we can do with this

(2) The total profit is $2500
So \(120b-4000=2500....120b=6500...b=\frac{6500}{12}\)
Suff

B
User avatar
L
GMATinsight
GMAT Club Legend
GMAT Club Legend
Joined: 08 Jul 2010
Status:GMAT/GRE Tutor l Admission Consultant l On-Demand Course creator
Posts: 5974
Own Kudos [?]: 13457 [1]
Given Kudos: 124
Location: India
GMAT: QUANT+DI EXPERT
Schools: IIM (A) ISB '24
GMAT 1: 750 Q51 V41
WE:Education (Education)
Send PM
Reviews Badge Forum Quiz Mode
An outlet sold 200 chairs and 120 tables. Each chair was sold at a los [#permalink] New post   25 Feb 2020, 23:55
1
Kudos
Expert Reply
Bunuel wrote:
An outlet sold 200 chairs and 120 tables. Each chair was sold at a loss of $20. What is the average profit on the table?

(1) The total revenue is $4000
(2) The total profit is $2500


Question: Average Profit on Table = ?

but the loss on chairs = 200*20 = 4000

Statement 1: The total revenue is $4000

200c + 120t = 4000

Cost of table is unknown and also the revenue through chairs or table is unknown hence

NOT SUFFICIENT

Statement 2: The total profit is $2500

Total Loss of on chairs = 4000

i.e. Profit on Tables = 2500+4000 = 6500

Avearge Profit per table = \(\frac{Total Profit on tables }{ Total Number of tables} = 6500/120 = 54.16\)

SUFFICIENT

Answer: Option B
User avatar
L
GMATWhizTeam
GMATWhiz Representative
Joined: 07 May 2019
Posts: 3411
Own Kudos [?]: 1803 [2]
Given Kudos: 68
Location: India
GMAT 1: 740 Q50 V41
GMAT 2: 760 Q51 V40
Send PM
Re: An outlet sold 200 chairs and 120 tables. Each chair was sold at a los [#permalink] New post   26 Feb 2020, 00:55
2
Kudos
Expert Reply
Bunuel wrote:
An outlet sold 200 chairs and 120 tables. Each chair was sold at a loss of $20. What is the average profit on the table?

(1) The total revenue is $4000
(2) The total profit is $2500



Solution


Step 1: Analyse Question Stem


    • Let the average profit on selling a table be $x.
    • Also, let the cost price of a chair and a table be \(CP_c \)and \(CP_t\) (in dollars), respectively.

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


Statement 1: The total revenue is $4000
    • \((CP_c – 20)*200 + (CP_t + x)*120 = 4000\)
    • Since we don’t know \(CP_c \)and \(CP_t\), we cannot find the value of x.
Hence, statement 1 is NOT sufficient and we can eliminate answer options A and D.

Statement 2: The total profit is $2500
    • Total profit = $2500
      o Profit made on sale of tables - Loss made on sale of chairs = 2500
      o \(120*x – 20*200 = 2500 ⇒ x = \frac{6500}{120}\)
Hence, statement 2 is sufficient.
Thus, the correct answer is Option B.
GMAT Club Bot
gmatclubot
Re: An outlet sold 200 chairs and 120 tables. Each chair was sold at a los [#permalink]
26 Feb 2020, 00:55
Moderator:
Bunuel
Math Expert
93119 posts

Powered by phpBB © phpBB Group | Emoji artwork provided by EmojiOne
Main navigation
GMAT Resources
Partners
MBA Resources
www.gmac.com|www.mba.com | | GMAT Club Rules | Terms and Conditions