Offei, a petty trader sold goods for GH¢36,240. The ...
Offei, a petty trader sold goods for GH¢36,240. The gross profit being 33\(\frac{1}{3}\)% on cost. What was the cost price?
GH¢45,300
GH¢28,992
GH¢27,180
GH¢24,160
Correct answer is C
Cost price = total sales - profit To begin, we will first have to convert the gross profit to margin. Hence we have; 33\(\frac{1}{3} = \frac{100}{3} \times \frac{1}{100}\) Cross multiply \(\frac{1}{3} + 1 = \frac{1}{4}\) \(\frac{1}{4}\) x 36,240 = 9060 Cost price = 36,240 - 9060 = 27,180
The purpose of keeping Sales and Purchases Ledger Control Account is to ...
Which of the following is not true of revenue expenditure? i. It is incurred in one period of...
An amount set aside to meet expenses whose value is not certain is a ...
The profit of a branch is usually credited to the ...
Which of the following is not part of the central processing unit of a computer? ...
Given: Capital at start.......................N3250 Capital at close .....................N6250 A...
In departmental accounts, administrative expenses are recorded in the ...