Suppose John commenced business on 1 January, 2016. During the year ending 31 December, 2016, he bought
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Suppose John commenced business on 1 January, 2016. During the year ending 31 December, 2016, he bought a quantity of leather shoes at a uniform cost and sold 5,800 of them at $50 each. An inventory check on 31 December, 2016 established he holds 650 unsold pairs. John’s gross profit for the year was $116,000. How much was the cost of a pair of shoes?
(a) $20.
(b) $30.
(c) $27.
(d) $35.
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Related Book For
Understanding Financial Statements
ISBN: 9781292101552
11th Global Edition
Authors: Lyn Fraser, Aileen M. Ormiston
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