Kentucky Purchases and Sells Widgets If Kentucky Sold 7,500 Units of Widgets During 2015, How

question 40

Multiple Choice

Kentucky purchases and sells widgets. The following information summarizes Kentucky's operating activities for 2015: $$\begin{array} { | l | r | } \hline \text { Selling and Administrative Expenses } & \$ 4,500 \\\hline \text { Purchases } & 157,000 \\\hline \text { Sales Revenue } & 785,000 \\\hline \text { Merchandise Inventory, January 1, 2015 } & 38,250 \\\hline \text { Merchandise Inventory, December 31, 2015 } & 79,000 \\\hline\end{array}$$ If Kentucky sold 7,500 units of widgets during 2015, how much is the cost for one widget?

• A) $50.00
• B) $15.50
• C) $26.36
• D) $16.10

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Definitions:

Per Hundred

A phrase used to denote or calculate rates, statistics, or proportions out of a hundred.

Percentage

A numerical expression or ratio indicating a portion of 100.

Percent

A mathematical term describing a number or ratio expressed as a fraction of 100.

Improper Fraction

A fraction where the numerator is greater than or equal to the denominator.