How much did Olu sell goods bought at N1,000 if he sells at a margin of 20% on selling price?

Assessment: WAEC SSCE - Financial Accounting - 2000 (Objective) Subject: Financial Accounting

Question 1 Report

How much did Olu sell goods bought at N1,000 if he sells at a margin of 20% on selling price?
Answer Details
If Olu sells at a margin of 20% on the selling price, then it means the selling price is 120% of the cost price. Let X be the selling price, then: X = 120% of N1,000 X = (120/100) * N1,000 X = N12,000/10 X = N1,200 Therefore, Olu sold the goods at N1,200 if he sells at a margin of 20% on selling price. The answer is N1,200.
Read lesson note on The Accounting Equation And Double Entry Principle (WAEC)
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