Solve the Problem. -A Store Manager Paid $97 for an Item and Set

question 269

Multiple Choice

Solve the problem.
-A store manager paid $97 for an item and set the selling price at $117.37. What was the percent of the markup?

• A)21%
• B)17%
• C)20%
• D)23%

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Definitions:

Cost Reconciliation Report

A financial document used to compare and reconcile the costs incurred with the costs allocated to products or services, often in process costing systems.

Work in Process Inventory

The cost of unfinished goods in the manufacturing process at a specific point in time.

First-In, First-Out Method

An inventory valuation method where the oldest inventory items are recorded as sold first, leaving the most recently purchased items in inventory.

Equivalent Units

A concept used in cost accounting to express the amount of work done on partially finished goods in terms of fully finished goods, helpful in calculating costs in process costing systems.