Answered: Answer the following problems. Show all…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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SHORT PROBLEMS. Answer the following problems. Show all solutions. 1. Liza’s On-Line Shop sells custom-made leather bags at a selling price that is 150% of the cost. If the markup is P325, find the 1.1 markup rate based on cost 1.2 cost 1.3 selling price 2. What is the cost of a shirt sold at P150 if the markup rate is 35% of the selling price? 3. What is the markup rate based on selling price if markup rate on cost is 10%? 4. Matt, the owner of B1 and B2 Fruit Stand knows that 10% of the bananas they bought from a wholesaler will spoil and will be thrown out. If he buys 200 kilos of bananas for P15 per kilo and he wants a markup of 40% based on selling price, how much is the selling price of 5 kilos of bananas?

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