John commenced business on 1 January Year 9. During the year ending on 31 December Year 9, he bought a quantity of leather briefcases at a uniform cost and sold 5,800 of them at £50 each. An inventories check on 31 December Year 9 established that he holds 650 unsold briefcases. John's gross profit for the year was £116,000. How much was the cost of each briefcase? OA. £22.52 OB. £20 OC. £30 OD. £33.78
John commenced business on 1 January Year 9. During the year ending on 31 December Year 9, he bought a quantity of leather briefcases at a uniform cost and sold 5,800 of them at £50 each. An inventories check on 31 December Year 9 established that he holds 650 unsold briefcases. John's gross profit for the year was £116,000. How much was the cost of each briefcase? OA. £22.52 OB. £20 OC. £30 OD. £33.78
Chapter3: Income Sources
Section: Chapter Questions
Problem 79P
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![John commenced business on 1 January Year 9. During the year ending on 31 December Year 9, he bought a quantity of leather briefcases at a uniform cost and sold 5,800 of them at £50 each. An inventories
check on 31 December Year 9 established that he holds 650 unsold briefcases. John's gross profit for the year was £116,000.
How much was the cost of each briefcase?
O A. £22.52
O B. £20
O C. £30
O D. £33.78](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F84504046-073c-4202-8178-d38af176ff2d%2F7a4f0bdc-56e8-4c26-b247-82ca9cb34669%2F1lbbcnn_processed.png&w=3840&q=75)
Transcribed Image Text:John commenced business on 1 January Year 9. During the year ending on 31 December Year 9, he bought a quantity of leather briefcases at a uniform cost and sold 5,800 of them at £50 each. An inventories
check on 31 December Year 9 established that he holds 650 unsold briefcases. John's gross profit for the year was £116,000.
How much was the cost of each briefcase?
O A. £22.52
O B. £20
O C. £30
O D. £33.78
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