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03 Jul 2019, 05:10
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A
Be sure to select an answer first to save it in the Error Log before revealing the correct answer (OA)!
Difficulty:
15%
(low)
Question Stats:
85% (01:12) correct
15%
(01:14)
wrong
based on 55
sessions
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Time
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It costs a certain bicycle factory $10,000 to operate for one month, plus $300 for each bicycle produced during the month. Each of the bicycles sells for a retail price of $700. The gross profit of the factory is measured by total income from sales minus the overall production costs of the bicycles. If 50 bicycles are produced and sold during the month, what is the factory's gross profit?
A. $10,000
B. $10,500
C. $11,000
D. $11,500
E. $12,000
A. $10,000
B. $10,500
C. $11,000
D. $11,500
E. $12,000
03 Jul 2019, 07:31
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Bunuel
Cost Price = 50*300 + 10,000 (Operating cost) = 15,000 + 10,000 = 15,000 $
Selling Price = 50*700 = 35,000 $
Gross Profit = Selling Price - Cost Price = 35,000 - 25,000 = 10,000 $
IMO Option A
Pls Hit Kudos if you like the solution
himani2093
Joined: 30 May 2017
Last visit: 08 Aug 2025
Posts: 28
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Concentration: Marketing, General Management
Schools: Schulich "22 (A) Foster (II) BU (II) Fuqua '24 (S) Tepper '24 (S) W.P. Carey (S) Marshall '24 (S)
GRE 1: Q161 V157
GRE 2: Q158 V162
GPA: 3.96
WE:Engineering (Advertising and PR)
Schools: Schulich "22 (A) Foster (II) BU (II) Fuqua '24 (S) Tepper '24 (S) W.P. Carey (S) Marshall '24 (S)
GRE 1: Q161 V157
GRE 2: Q158 V162
Posts: 28
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03 Jul 2019, 07:39
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Concept to be used-
SP-CP= Profit
CP = Fixed cost + No. of cycles * 300
= 10000 + 50* 30 = 25000
SP = 700* 50 = 35000
Profit = 10000 ie. A
+Kudos if liked the solution
SP-CP= Profit
CP = Fixed cost + No. of cycles * 300
= 10000 + 50* 30 = 25000
SP = 700* 50 = 35000
Profit = 10000 ie. A
+Kudos if liked the solution
