Can you help me solve this financial accounting question using valid financial accounting techniques? Company C sets price equal to costplus 45%. Recently, Company Ccharged a customer a price of $87for an item. What was the cost of theitem to Company C?

Explanation of Price Markup: Price markup is a pricing strategy where businesses add a percentage to…

Answered: Company C sets price equal to cost plus…

Company C sets price equal to cost plus 45%. Recently, Company C charged a customer a price of $87 for an item. What was the cost of the item to Company C?

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 19Q: The following is select account information for Sunrise Motors. Sales: $256,400; Sales Returns and...

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Can you help me solve this financial accounting question using valid financial accounting techniques?

Company C sets price equal to cost
plus 45%. Recently, Company C
charged a customer a price of $87
for an item. What was the cost of the
item to Company C?

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The following is select account information for Sunrise Motors. Sales: $256,400; Sales Returns and Allowances: $34,890; COGS: $120,470; Sales Discounts: $44,760. Given this information, what is the Gross Profit Margin Ratio for Sunrise Motors? (Round to the nearest whole percentage.)