A construction company

[needthis]

A construction company was paid a total of $500,000 for a construction project. The company's only costs for the project were for labor and materials. Was the company's profit for the project greater than $150,000?
(1) The company's total cost was three times its cost for materials.
(2) The company's profit was greater than its cost for labor.


I am confused...Help pls!

From GMATPREP

[Ozlemg]

A construction company was paid a total of $500,000 for a construction project. The company's only costs for the project were for labor and materials. Was the company's profit for the project greater than $150,000?
(1) The company's total cost was three times its cost for materials.
(2) The company's profit was greater than its cost for labor.


I am confused...Help pls!

From GMATPREP

First of all, it is a hard problem!

I hope we are on the same ground that only 1 and only 2 are not sufficient to solve the problem!
Lets try them together:

we have P > L from the 1st statement which, also rephrases to P > 2M
And, P = 500,000 - 3M (because total cost = 3M)
so 500,000 - 3M > 2M --> 500,000 > 5M --> 100,000 > M

Worst Scenerion : Lets plug in M 99.999, so L is 199.998 --> when we add them 299.997 less than 350 K

[GMATGuruNY]

I posted a solution here:

https://www.beatthegmat.com/profit-t83717.html

[needthis]

My bad, should have searched first!
Thanks anyways