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MM does not maintain complete accounting records The following information is available for the year ended 31 December 20X3.
The mark up on items sold by MM is 20%
What is the figure for purchases to be included in MM's statement of profit or loss for the year ended 31 December 20X3?
Suggested Answer: C
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13 comments · newest first
KA
Kanisha
12 months ago
Totally agree with Cory, B looks correct!
CI
Ciara
12 months ago
Total sales = $73,800 if markup is 20%.
NU
Nu
1 year ago
Wait, are we sure about those figures? They seem off.
CO
Cory
1 year ago
I think it's option B, $61,500. Seems right to me!
CR
Cristy
1 year ago
The markup is 20%, so purchases should be calculated accordingly.
MI
Mitzie
1 year ago
I think the answer could be $61,500, but I need to double-check the calculation for sales and purchases again.
LA
Lauran
1 year ago
I feel like the markup is 20%, so we might need to divide the sales by 1.2 to find the cost, but I'm a bit confused about the numbers.
KE
Kelvin
1 year ago
This seems similar to a practice question we did on markup. I think we need to find the sales figure first.
WA
Walton
1 year ago
I remember something about calculating purchases using sales and markup, but I'm not sure how to apply it here.
EL
Elliott
1 year ago
I'm a little confused on the differences between the Exponential and Weibull distributions. I'll need to review those in more detail to determine which one is most appropriate for this scenario.
GL
Gladys
1 year ago
I'm a bit confused about whether the single-site model is flexible enough for a company's scaling needs.
LE
Leatha
1 year ago
Wait, isn't this detective? The supervisor checks after the transaction might have been initiated.
GL
Glory
1 year ago
I'm feeling a bit lost on this one. The wording of the question is a bit confusing, and I'm not entirely sure which phase would involve the specific activities described.