clothing store

[gibran]

A clothing store acquired an item at a cost of x dollars and sold the item for y dollars. The store’s gross profit from the item was what percent of its cost for the item?
(1) y – x = 20
(2) xy = 45
A. Statement (1) ALONE is sufficient, but statement (2) alone is not sufficient.
B. Statement (2) ALONE is sufficient, but statement (1) alone is not sufficient.
C. BOTH statements TOGETHER are sufficient, but NEITHER statement ALONE is sufficient.
D. EACH statement ALONE is sufficient.
E. Statements (1) and (2) TOGETHER are NOT sufficient.

Official Answer is B. But IMO, it is B. Please help to clarify with steps.

[mannu08]

IMO ans is A.

@gibran: Can you please verify the question again.

[gibran]

Sorry, there is a typo error .... here's the question again

A clothing store acquired an item at a cost of x dollars and sold the item for y dollars. The store’s gross profit from the item was what percent of its cost for the item?
(1) y – x = 20
(2) y/x = 5/4

A. Statement (1) ALONE is sufficient, but statement (2) alone is not sufficient.
B. Statement (2) ALONE is sufficient, but statement (1) alone is not sufficient.
C. BOTH statements TOGETHER are sufficient, but NEITHER statement ALONE is sufficient.
D. EACH statement ALONE is sufficient.
E. Statements (1) and (2) TOGETHER are NOT sufficient

[larbgai]

Haha - Gibran - you're killing me. I am actually curious about the original way you posted. I'm pretty sure that makes the answer C, but not 100% sure. With both equations, you can solve for x and y, and then find the answer (although the quadratic is ugly, and I was getting frustrated trying to crack it). However, I think you get only one positive answer, so you can solve.

Anyway, with the correct post, the question becomes pretty easy.

Cost: $x
Sold: $y
Profit: $y-$x

Profit as percent of cost = ($y-$x/$x) = (y/x - 1)

So if we have y/x, we can solve the problem.

Statement 1:
y-x = 20 ... this doesn't give us y/x => insufficient

Statement 2:
This gives us y/x. We can solve.

Answer is B.

[winna.7]

(Y-X ) / X * 100 is what we need to find .
= (Y/X -1 ) *100
SO we need Y/x .. Answer is B !!