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Difficulty:
15%
(low)
Question Stats:
83% (01:33) correct
17%
(01:55)
wrong
based on 332
sessions
History
Date
Time
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From the sale of sleeping bags, a retailer made a gross profit of 12% of the wholesale cost. If each sleeping bag was sold for $28, what was the wholesale cost per bag?
A. 3.00
B. 3.36
C. 24.64
D. 25.00
E. 31.36
A. 3.00
B. 3.36
C. 24.64
D. 25.00
E. 31.36
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10 Mar 2012, 14:41
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enigma123
Cost price * 1.12 = Selling price --> Cost price * 1.12 = $28 --> Cost price = $25.
Answer: D.
Actually even without any math only C and D make any sense, but since 24.64 * 1.12 won't be an integer ($28) then only answer choice D remains.
sashiim20
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Schools: ISB '19 IIMB IIMA XLRI HEC Sept19 intake Rotman '21 NUS '21 NTU '20 Trinity MBA '20 Bocconi '21 Smurfit "21
Posts: 608
17 May 2017, 05:42
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From the sale of sleeping bags, a retailer made a gross profit of 12% of the wholesale cost. If each sleeping bag was sold for $28, what was the wholesale cost per bag?
A. 3.00
B. 3.36
C. 24.64
D. 25.00
E. 31.36
Selling price of sleeping bag = $28
Profit on sleeping bag = 12%
Therefore Selling price = 112% of Cost price = \(\frac{112}{100}\) x Cost price = 28
Cost Price = \(\frac{28 * 100}{112}\) = $25
Answer D...
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A. 3.00
B. 3.36
C. 24.64
D. 25.00
E. 31.36
Selling price of sleeping bag = $28
Profit on sleeping bag = 12%
Therefore Selling price = 112% of Cost price = \(\frac{112}{100}\) x Cost price = 28
Cost Price = \(\frac{28 * 100}{112}\) = $25
Answer D...
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