What was the cost of item Company X sets price equal to cost plus60%. Recently, Company X charged acustomer a price of $42 for an item. Whatwas the cost of the item to Company X?a. $26.25b. $42

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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 X sets price equal to cost plus 60%. Recently, Company X charged a customer a price of $42 for an item. What was the cost of the item to Company X? Accurate Answer
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Company X sets price equal to cost plus 60%. Recently, Company X charged a customer a price of $42 for an item. What was the cost of the item to Company X? a. $26.25 b. $42