WAEC - Accounts Principles Of Accounts (2024 - No. 24)
Use the following information to answer this question.
The margin for a business is 2/5 and the cost of sales is $ 120,000.
The mark-up for the business is
4/5
3/5
2/3
1/5
Explanation
If margin = \(\frac{2}{3}\) = \(\frac{\text{profit}}{\text{sales}}\)
Cost = sales - profit
Mark up = \(\frac{\text{profit}}{\text{cost}}\) = \(\frac{2}{5.2}\) = \(\frac{2}{3}\)
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