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In 1995 a certain store had 1,800 tools in stock that had been purchased for $30 each...

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by AAPL » Tue Feb 11, 2020 6:05 am
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In 1995 a certain store had 1,800 tools in stock that had been purchased for $30 each. If 1,000 of these tools were sold in 1995 for $40 each and the remaining 800 were sold in 1996 for $50 each, how many greater was the gross profit on the tools sold in 1996 than the gross profit on those sold in 1995?

A. $0
B. $6,000
C. $8,000
D. $32,000
E. $40,000

OA B
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Re: In 1995 a certain store had 1,800 tools in stock that had been purchased for $30 each...

by jbryant62 » Tue Feb 11, 2020 10:50 am
AAPL wrote: ↑
Tue Feb 11, 2020 6:05 am
 GMAT Prep

In 1995 a certain store had 1,800 tools in stock that had been purchased for $30 each. If 1,000 of these tools were sold in 1995 for $40 each and the remaining 800 were sold in 1996 for $50 each, how many greater was the gross profit on the tools sold in 1996 than the gross profit on those sold in 1995?

A. $0
B. $6,000
C. $8,000
D. $32,000
E. $40,000

OA B
1000 tools sold in 1995 at 40= 40000
800 tools sold in 1996 at 50= 40000

tools were purchased for $30 each.
the 1000 tools in 95 cost 30000
the 800 tools sold in 96 cost 24000

profit is revenue minus cost.

1995 40000-30000=10000

1996 40000-24000=16000

16000-10000=6000
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Re: In 1995 a certain store had 1,800 tools in stock that had been purchased for $30 each...

by Scott@TargetTestPrep » Mon Feb 17, 2020 3:29 am
AAPL wrote: ↑
Tue Feb 11, 2020 6:05 am
 GMAT Prep

In 1995 a certain store had 1,800 tools in stock that had been purchased for $30 each. If 1,000 of these tools were sold in 1995 for $40 each and the remaining 800 were sold in 1996 for $50 each, how many greater was the gross profit on the tools sold in 1996 than the gross profit on those sold in 1995?

A. $0
B. $6,000
C. $8,000
D. $32,000
E. $40,000

OA B
We can create the expression:

(800 x 50 - 800 x 30) - (1000 x 40 - 1000 x 30)

800(50 - 30) - 1000(40 - 30)

16000 - 10000 = 6,000

Answer: B

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