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Adam is one among many employees of ABC ltd., who procures shoes at an average cost of $40. His yearly procurement budget is $19,000 and he receives an additional budget of $3,000, if the total number of shoes sold by the company in a year exceeds 4,000 units. Did Adam receive the additional budget amount last year?
1. Adam was able to procure 45 shoes on an average each month last year and he was given enough budget to procure all those shoes. 2. Last year, the lowest number of shoes sold by the company in a month was 377
Adam, an employee of ABC ltd., procures shoes at an average cost of $40. His yearly procurement budget is $19,000 and he receives an additional budget of $3,000, if the total number of shoes sold exceeds 4,000 units. Did Adam receive the additional budget amount last year?
1. Adam was able to procure 45 shoes on an average each month last year and he was given enough budget to procure all the shoes. 2. Last year, the lowest number of shoes sold in a month was 377
EgmatQuantExpert, some problem/typo in the question unless the question means that SOLD may include more than what is procured in THAT year ... earlier missed out on word SOLD and took it as procured statement 1 and 2 are not matching if sold items include only those procured in a year... statement I :- 45 shoes average procured statement II :- 377 is the least in a month.
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Re: Question of the Week- 9 (Adam, an employee of ABC ltd., procures....)
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27 Jul 2018, 22:10
It's not typo. Both procured and sold are two different things. He procured to sell those shoes to retail. Additional budget is to procure more since sales were good.
Answer is D 1) budget spent is 45 *12 * 40 > 19000 so sufficient 2) 377 *12 = 4564 min shoes sold so > 4000 hence used more budget
Re: Question of the Week- 9 (Adam, an employee of ABC ltd., procures....)
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27 Jul 2018, 22:57
1
chamarts wrote:
It's not typo. Both procured and sold are two different things. He procured to sell those shoes to retail. Additional budget is to procure more since sales were good.
Answer is D 1) budget spent is 45 *12 * 40 > 19000 so sufficient 2) 377 *12 = 4564 min shoes sold so > 4000 hence used more budget
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when I say typo, it means procured in that year is 45*12=540, while the sale is min 377 per month, so >377*12 or >4524 now does 540 procured and 4524 sold match. either procurement and sold within a year do not have any relation or there is a typo in numbers , and ofcourse anyone sitting for gmat would know procure and sell are two different things
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Re: Question of the Week- 9 (Adam, an employee of ABC ltd., procures....)
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28 Jul 2018, 00:40
chetan2u wrote:
chamarts wrote:
It's not typo. Both procured and sold are two different things. He procured to sell those shoes to retail. Additional budget is to procure more since sales were good.
Answer is D 1) budget spent is 45 *12 * 40 > 19000 so sufficient 2) 377 *12 = 4564 min shoes sold so > 4000 hence used more budget
Posted from my mobile device
when I say typo, it means procured in that year is 45*12=540, while the sale is min 377 per month, so >377*12 or >4524 now does 540 procured and 4524 sold match. either procurement and sold within a year do not have any relation or there is a typo in numbers , and ofcourse anyone sitting for gmat would know procure and sell are two different things
Hey Chetan,
Updated the question, to remove any ambiguity. _________________
Question of the Week- 9 (Adam, an employee of ABC ltd., procures....)
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10 Aug 2018, 07:47
Solution
Given:
• Adam is one among many employees of ABC ltd., who procures shoes at an average cost of $40. • His yearly procurement budget is $19,000. • He receives an additional budget of $3,000, if the total number of shoes sold by the company in a year exceeds 4,000 units.
To find:
• Did Adam receive the additional budget amount last year?
Analysing Statement 1 As per the information given in statement 1, Adam was able to procure 45 shoes on an average each month last year and he was given enough budget to procure all those shoes.
• Therefore, the total spending in the year = 45 x 40 x 12 = $21600.
As $21600 is more than $19000, he must have received the additional budget.
Hence, statement 1 is sufficient to answer.
Analysing Statement 2 As per the information given in statement 2, last year, the lowest number of shoes sold by the company in a month was 377.
If we assume 377 to be the minimum for all months, then total number of shoes sold in the year = 377 x 12 = 4524 This is more than 4000, hence, he must have received the additional budget.
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43% (02:05) correct 
