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Aurora Supplies sets its price equal to cost plus 50%. Recently, Aurora Supplies charged a customer a price of $45 for an item. What was the cost of the item to Aurora Supplies? a. $30 b. $33.75 c. $35 d. $50

Aurora Supplies sets its price equal to cost plus 50%. Recently, Aurora Supplies charged a customer a price of $45 for an item. What was the cost of the item to Aurora Supplies? a. $30 b. $33.75 c. $35 d. $50

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter8: Inventories: Special Valuation Issues
Section: Chapter Questions
Problem 11RE: Johnson Corporation had beginning inventory of 20,000 at cost and 35,000 at retail. During the year,...
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What was the cost of the item to Aurora Supplies for this accounting question?

Aurora Supplies sets its price equal to cost plus 50%. Recently, Aurora Supplies charged a customer a price of $45 for an item. What was the cost of the item to Aurora Supplies? a. $30 b. $33.75 c. $35 d. $50
Transcribed Image Text:Aurora Supplies sets its price equal to cost plus 50%. Recently, Aurora Supplies charged a customer a price of $45 for an item. What was the cost of the item to Aurora Supplies? a. $30 b. $33.75 c. $35 d. $50
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