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Hi Mike,
First off, thanks for all your help in F7. Your lecturers are very interesting and very easy to understand. I’m very grateful to you.
I had a doubt in question 18. I got the same answer as shown in the book, but I just wanted to understand if my method (your method tbh – as shown in lecture) is right.
Here’s my working,
C + P = S.P;
5.4 + 3.6 = 9;1.5 M * 3.6/9 = 0.6M
Regards,
MubashirIt looks fine to me
The relationship of cost : profit : selling price is:
5.4 : 3.6 : 9
which is alternatively expressed as:
3 : 2 : 5
If we substitute $1.5 million into the selling price column, the profit column must be $600k (2/5 x $1.5 million) and the cost price becomes $900,000
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