Solve this problem no use ai Company A sets price equal to cost plus 60%. Recently, CompanyA charged a customer a price of $42 for an item. What was thecost of the item to Company A?a. $26.25b. $42c. $25.20d. $67.20e. $40.32

Step 1:Let cost price =x60% of cost price=60% of x =0.6xStep 2:charging price=cost +60% of cost…

Answered: Company A sets price equal to cost plus…

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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Company A sets price equal to cost plus 60%. Recently, Company A charged a customer a price of $42 for an item. What was the cost of the item to Company A? a. $26.25 b. $42 c. $25.20 d. $67.20 e. $40.32