Test Index

WAEC Accounting 2016 Paper

Question : 26

Total: 50

\;\frac{1}{3}

% on cost. What was the cost price?

Solution:

Cost price = total sales - profit

To begin, we will first have to convert the gross profit to margin. Hence we have;

33 $\;\frac{1}{3} = \;\frac{100}{3} \times \;\frac{1}{100}$

Cross multiply

\;\frac{1}{3} + 1 = \;\frac{1}{4}

$\;\frac{1}{4}$ x 36,240 = 9060

Cost price = 36,240 - 9060 = 27,180

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