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FA – May 2012 – L1 – SA – Q16 – Accounting Concepts
Determining correct statements regarding margin and mark-up.
Question
If goods that cost N900,000 were sold for N1,200,000, which of the following statements are correct?
(i) Mark-up is 25%
(ii) Margin is 331/3%
(iii) Margin is 25%
(iv) Mark-up is 331/3%
A. (i) and (ii)
B. (i) and (iii)
C. (ii) and (iii)
D. (iii) and (iv)
E. (ii) and (iv)
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FA – Nov 2013 – L1 – SA – Q38 – Elements of Financial Statements
Calculating the original cost of goods using mark-up information.
Question
Jenson Manufacturing Company has the policy of transferring manufactured goods from the factory to the sales department at cost plus 25% mark-up. In the current accounting period, the value of goods transferred from the production to sales department amounted to ₦2,000,000. What was the original cost of the goods to the production department?
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- Tags: Cost Determination, Inventory Valuation, Mark-Up
- Level: Level 1
- Topic: Elements of Financial Statements
- Series: NOV 2013
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FA – May 2023 – L1 – SA – Q14 – Recording Financial Transactions
Calculating the cost of sales based on the opening inventory, closing inventory, and mark-up.
Question
14. The following information relates to Phoenix and Co:
| N | |
|---|---|
| Opening inventory | 125,000 |
| Closing inventory | 96,000 |
| Sales | 8,913,300 |
Mark-up is 10%. Determine the cost of sales for the period.
A. N7,002,970
B. N8,050,970
C. N8,074,000
D. N8,103,000
E. N8,132,000
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- 1 Marks
FA – May 2012 – L1 – SA – Q16 – Accounting Concepts
Determining correct statements regarding margin and mark-up.
Question
If goods that cost N900,000 were sold for N1,200,000, which of the following statements are correct?
(i) Mark-up is 25%
(ii) Margin is 331/3%
(iii) Margin is 25%
(iv) Mark-up is 331/3%
A. (i) and (ii)
B. (i) and (iii)
C. (ii) and (iii)
D. (iii) and (iv)
E. (ii) and (iv)
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- 1 Marks
FA – Nov 2013 – L1 – SA – Q38 – Elements of Financial Statements
Calculating the original cost of goods using mark-up information.
Question
Jenson Manufacturing Company has the policy of transferring manufactured goods from the factory to the sales department at cost plus 25% mark-up. In the current accounting period, the value of goods transferred from the production to sales department amounted to ₦2,000,000. What was the original cost of the goods to the production department?
Find Related Questions by Tags, levels, etc.
- Tags: Cost Determination, Inventory Valuation, Mark-Up
- Level: Level 1
- Topic: Elements of Financial Statements
- Series: NOV 2013
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- 1 Marks
FA – May 2023 – L1 – SA – Q14 – Recording Financial Transactions
Calculating the cost of sales based on the opening inventory, closing inventory, and mark-up.
Question
14. The following information relates to Phoenix and Co:
| N | |
|---|---|
| Opening inventory | 125,000 |
| Closing inventory | 96,000 |
| Sales | 8,913,300 |
Mark-up is 10%. Determine the cost of sales for the period.
A. N7,002,970
B. N8,050,970
C. N8,074,000
D. N8,103,000
E. N8,132,000
Find Related Questions by Tags, levels, etc.
Report an error