New Click here to Enroll for SIDBI MSME Expert Class by ex-GM, SBI on Nov 24

    Register

    Question

    The question consists of three statements numbered “I, II and III” given below it. You have to decide whether the data provided in the statements are sufficient to answer the question. A. The data in statement-I and statement-II together is necessary to answer the question but the data in statement-III alone is not sufficient to answer the question B. The data in statement-I alone is sufficient to answer the question but the data in statement-II and statement-III alone is not sufficient to answer the question. C. The data in statement-I and statement-III together is sufficient to answer the question but the data in statement-II alone is not sufficient to answer the question. D. The data in all the three statements together is necessary to answer the question. E.The data either in statement-I and statement-II together is sufficient to answer the question.

    A rice bag and a wheat bag are the two items. The total cost of the wheat bag and the rice bag is Rs. 4400. The profit margin on the rice bag sale is 20%. Find the wheat bag's selling price.

    Statement I: The rice bag is discounted by Rs.160 more than the wheat bag.

    Statement II: Ten percent of the wheat bag's cost is discounted.

    Statement III: There is a 40% markup on the rice bag and a 25% markup on the wheat bag over their cost prices.

    A A Correct Answer Incorrect Answer
    B B Correct Answer Incorrect Answer
    C C Correct Answer Incorrect Answer
    D D Correct Answer Incorrect Answer
    E E Correct Answer Incorrect Answer

    Solution

    ATQ, Let the cost price of the rice bag be Rs.'a' Therefore, cost price of the wheat bag = Rs. (4400 – a) Selling price of the rice bag = Rs. 1.25a Statement I: Let the discount given on the rice bag be Rs. 'b' Discount given on the wheat bag = Rs. (b – 160) So, data in statement I alone is not sufficient to answer the question. Statement II: According to the question, Discount given on the wheat bag is 10% of its cost price So, data in statement II alone is not sufficient to answer the question. Statement III: Marked price of the rice bag = Rs. 1.4a Marked price of the wheat bag = Rs. 1.25(4400 – a) So, data in statement III alone is not sufficient to answer the question. Combining statement I and II: (b – 160) = 0.1(4400 – a) Therefore, statement I and statement II together is not sufficient to answer the question. Combining statement II and III: We cannot determine the selling price of the wheat bag. Therefore, statement II and statement III together is not sufficient to answer the question. Combining statement I and III: Selling price of the wheat bag = 1.25(4400 – a) – (b – 160) Therefore, statement I and statement III together is not sufficient to answer the question, Combining statement I,II and III: (b – 160) = 10% of (4400 – a) Or, b = Rs. (440 + 160 – 0.1a) Or, b = (600 – 0.1a) ….. (1) Also, 1.4p – b = 1.2a Or, b = 0.2a …….. (2) From equation (1) and (2), we get a = 600/0.3 = 2000 Therefore, marked price of the wheat bag = 1.25(4400 – a) = Rs.3000 Discount given on the wheat bag = 0.1 × (4400 – 2000) = Rs.240 Selling price of the wheat bag = 3000 – 240 = Rs.2760 Therefore, data in all the three statements together is necessary to answer the question.

    Practice Next

    Relevant for Exams: