Read the selection for questions 11-15.Mike owns a gadget store. He purchases his stocks from a supplier in Luzon.Each unit of earphone is listed at P300.00. If he buys a dozen, he gets a 5 % tradediscount. He plans to sell each unit of earphone at a price with 20% mark-up basedon cost.1.How much will Mike pay for a dozen of earphone if he will avail of the tradediscount?a. P3,000.00b. P3,240.00P3,420.00d. P3,600.00с.12. How much will be Mike's net sales if he will be able to sell a dozen ofearphones?a. P3,140.00b. P3,215.00c. P4,104.00d. P4,405.0013. How much profit will Mike gain for this transaction?a. P160.00b. P365.00c. P500.00d. P684.0014. If a new model will come out in the market and Mike decides to markdown theprice of the earphone by 10%, how much will be the amount of markdown?а. Р30.00b. P31.50c. P34.20d. P35.0015. What is the new markdown price of each unit of earphone?a. P270.00b. P283.50c. P307.80d. P315.00

A trade discount is an amount by which a manufacturer/Supplier reduces the retail price of a product…

Mike owns a gadget store. He purchases his stocks from a supplier in Luzon. Each unit of earphone is listed at P300.00. If he buys a dozen, he gets a 5 % trade discount. He plans to sell each unit of earphone at a price with 20% mark-up based on cost. 11. How much will Mike pay for a dozen of earphone if he will avail of the trade discount? a. P3,000.00 b. P3,240.00 c. P3,420.00 d. P3,600.00

Mike owns a gadget store. He purchases his stocks from a supplier in Luzon. Each unit of earphone is listed at P300.00. If he buys a dozen, he gets a 5 % trade discount. He plans to sell each unit of earphone at a price with 20% mark-up based on cost. 11. How much will Mike pay for a dozen of earphone if he will avail of the trade discount? a. P3,000.00 b. P3,240.00 c. P3,420.00 d. P3,600.00

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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