Which is correct ? ngAt the end of the year, Cahill Ltd has inventory in hand at a selling price of £20,600. What was the cost ofinventory assuming inventory is sold at a margin of 60%?Select one answer:O£8,000£8,240O£12,360O £12,875ResetJy

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Description: Which is correct ? ngAt the end of the year, Cahill Ltd has inventory in hand at a selling price of £20,600. What was the cost ofinventory assuming inventory is sold at a margin of 60%?Select one answer:O£8,000£8,240O£12,360O £12,875ResetJy

Margin is added to cost of product in order to calculate sales price. Difference between sales price…

Business

Accounting

ng At the end of the year, Cahill Ltd has inventory in hand at a selling price of £20,600. What was the cost o inventory assuming inventory is sold at a margin of 60%? Select one answer: £8,000 £8,240 O£12,360 O £12,875 Reset

ng At the end of the year, Cahill Ltd has inventory in hand at a selling price of £20,600. What was the cost o inventory assuming inventory is sold at a margin of 60%? Select one answer: £8,000 £8,240 O£12,360 O £12,875 Reset

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 16E: Dollar-Value LIFO A company adopted the LIFO method when its inventory was 1,800. One year later its...

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