PS wholesale cost

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andreasonlinegr: Junior | Next Rank: 30 Posts; Posts: 27; Joined: Mon Jun 02, 2008 3:49 pm

PS wholesale cost

by andreasonlinegr » Thu Jan 01, 2009 6:14 pm

From the sale of sleeping bags, a retailer made a gross profit of 12 percent of the wholesale cost. if each sleeping bag was sold for 28$, what was the wholesale cost per bag?

Answer:$25

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Source: Beat The GMAT — Problem Solving | Thu Jan 01, 2009 6:14 pm

logitech: Legendary Member; Posts: 2134; Joined: Mon Oct 20, 2008 11:26 pm; Thanked: 237 times; Followed by:25 members; GMAT Score:730

Re: PS wholesale cost

by logitech » Thu Jan 01, 2009 6:57 pm

andreasonlinegr wrote:From the sale of sleeping bags, a retailer made a gross profit of 12 percent of the wholesale cost. if each sleeping bag was sold for 28$, what was the wholesale cost per bag?

Answer:$25

12% profit + 100% cost = 112%

So if 112% is $28, 100%, which is cost = $ 25

28/1.12 = 25

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