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Hi, could you please help me with is question:
JC Co operates a bottling plant. The liquid content of a filled bottle of product T is 2 litres. During the filling process there is a 30% loss of liquid input due to spillage and evaporation. The standard price of the liquid is $1.20 per litre. The standard cost of the liquid per bottle of product T, to the nearest cent, is
The correct answer is $3.43, calculated as: (2 litres x [100/70] ) x $1.20
Could you explain the calculation of (100/70)? Why is it not (2 litres x 130%) x $1.20?
Thank you!
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