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Question 12 (nov. 14th)

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by bacali » Fri Nov 14, 2008 2:00 pm
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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by cramya » Fri Nov 14, 2008 2:40 pm
CP -COST PRICE
SP - SELLING PRICE


1995

CP1 = 1000*30 =30000
SP1 = 100*40 = 40000

Profit 1=10000

1996

CP2 = 800*30 =24000
SP2 = 800*50 = 40000

Profit 2=16000


PROFIT 2 - PROFIT 1 = 16000 - 10000 = 6000

B)
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by anjaligeorge1 » Fri Nov 14, 2008 2:52 pm
The ans is 6000...

Gross Profit of tools sold in 1995 - 1000 *40 - 1000*30 = 10,000
GP of tools sold in 1996 - 800*50 - 800*30 = 16000

grossprofil btween the 2 years = 16000-10000 =6000
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by bhumika.k.shah » Sun Jan 17, 2010 4:13 am
how often do such kind of sums come in the real GMAT ?
any idea?
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by Scott@TargetTestPrep » Thu Sep 12, 2019 6:24 pm
bacali wrote: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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