John commenced business on 1 January Year 9. During the year ending on 31 December Year 9, he bought a quantity of leather briefcases at a uniform cost and sold 5,800 of them at £50 each. An inventories check on 31 December Year 9 established that he holds 650 unsold briefcases. John's gross profit for the year was £116,000. How much was the cost of each briefcase? OA. £22.52 OB. £20 OC. £30 OD. £33.78

John commenced business on 1 January Year 9. During the year ending on 31 December Year 9, he bought a quantity of leather briefcases at a uniform cost and sold 5,800 of them at £50 each. An inventories check on 31 December Year 9 established that he holds 650 unsold briefcases. John's gross profit for the year was £116,000. How much was the cost of each briefcase? OA. £22.52 OB. £20 OC. £30 OD. £33.78

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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