Each question below is followed by two statements I and
II. You have to decide whether the data given in the statements are sufficient to answer the question. What is the cost price of a table?
I. The shopkeeper marks the table at 40% above its cost price. After giving a discount of 10% on the marked price, he still makes a profit of 26%.
II. The discount allowed on the marked price of the table is Rs. 360.

Solution

ATQ, From I: Let cost price = C, marked price = M. Marked 40% above cost ⇒ M = 1.4C Discount 10% ⇒ selling price SP = 0.9M Profit is 26% ⇒ SP = 1.26C So 0.9M = 1.26C ⇒ M/C = 1.26 / 0.9 = 1.4 (same as given) We only get ratios and percentages, not actual rupee value of C ⇒ I alone is not sufficient. From II: Discount amount = Rs. 360. No information about discount % or relation between MP and CP. Many (MP, CP, discount%) combinations possible ⇒ II alone is not sufficient. Using I and II together: From I, discount % = 10% on MP. From II, 10% of MP = 360 ⇒ 0.10 × MP = 360 ⇒ MP = 3,600 From I, MP = 1.4 × CP ⇒ CP = 3,600 / 1.4 = 2,571.428… (unique value) Both statements together are necessary and sufficient.