Let the cabinets be X, Y and Z, in ascending order of COST.

Statement 1:
Let X be the cabinet sold at a loss, implying that X has the LOWEST selling price.
If Z cost 1000% more than Y, it could have the HIGHEST selling price sold AT A LOSS (in which case none of the cabinets would yield a profit greater than 10%) or sold AT A HUGE PROFIT (in which case Z would yield a profit greater than 10%).
INSUFFICIENT.

Statement 2:
Z has the LOWEST selling price.
Since Y has the MEDIAN selling price, X must have the HIGHEST selling price.
Since Y sold at a 10% profit yields the MEDIAN selling price, if X -- which cost less than Y -- is sold at a 10% profit, it will have a LOWER selling price than Y.
Thus, in order for X to have the HIGHEST selling price, it must be sold at a profit GREATER than 10%.
SUFFICIENT.

The correct answer is B.

Let C1=50, c2=60, c3=70 and C2 is the median

S2=66 and Median

Statement 1:
S1=49 s3=71,72,77..etc

INSUFFICIENT

Statement 2:

S3 becomes lowest Let it be 65. so C1 ' S1 need to be greater than S2. Let's take min=67=s1

Increase=34%

Let the three cabinets be M1 , M2 and M3...
We do not know which cabinet belongs to which cost and price...

let us arrange the cost and the price in the ascending order respectively...


Costs: A B C

90 100 110

Price: P Q R


100 110 120

If we assume any values in place of the above values we come to a conclusion that there is no need to have statement 1 as even without statement 1 we are having a profit of more than 10% in the third cabinet...

This was an important question...

There are questions where even after getting the answer you have to back solve as to know which statement was the most important in knowing that answer...



Hope this helped!!!