K Agnes Ltd commenced business on 1 January Year 9. During the year ending on 31 December Year 9, they bought a quantity of leather briefcases at a uniform cost and sold 6,000 of them at £50 each. An inventories check on 31 December Year 9 established that they hold 650 unsold briefcases. The gross profit for the year was £114,000. How much was the cost of each briefcase? OA. £27.97 B. £17.14 OC. £31.00 O D. £19.00

K Agnes Ltd commenced business on 1 January Year 9. During the year ending on 31 December Year 9, they bought a quantity of leather briefcases at a uniform cost and sold 6,000 of them at £50 each. An inventories check on 31 December Year 9 established that they hold 650 unsold briefcases. The gross profit for the year was £114,000. How much was the cost of each briefcase? OA. £27.97 B. £17.14 OC. £31.00 O D. £19.00

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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