Financial records and maintaining accounts.
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I get stuck on questions like these all the time 
, could someone explain how you get the below answer for this?
s.p:1080
c.p:720 @100%
=G.p 360 (mark up 50%)
A box of commemorative paltes bought for sale in celebration of the millenium has now been found to contain 24 plates which have been damaged whilst in storage and are unsaleable.The palktes are now sold by Modern Ceramics at £45 each, which includes a mark up of 50%.
Cheers.
, could someone explain how you get the below answer for this?s.p:1080
c.p:720 @100%
=G.p 360 (mark up 50%)
A box of commemorative paltes bought for sale in celebration of the millenium has now been found to contain 24 plates which have been damaged whilst in storage and are unsaleable.The palktes are now sold by Modern Ceramics at £45 each, which includes a mark up of 50%.
Cheers.
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Comments
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Re:Financial records and maintaining accounts.
50% mark up means you add half of the cost on the cost itself to get the selling price. So the £45 can be referred in percentage terms as 150% of the cost. Which means the cost of the plates is 2/3 of the selling price. So £45x2/3(or £45/1.5) will give you £30.24 plates... £45 each, which includes a mark up of 50%.
Selling price = £45*24 =£1080
Cost of Sales = £30*24 = 720
Therefore GP = £360
Hoope this helps
Regards
Tom0 -
Re:Financial records and maintaining accounts.
Thats great i understand it now, it's really quite easy the way youve explained it. Thanks for your help!
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Re:Financial records and maintaining accounts.
You're welcome0