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On 1 st Sept. 2016 goods costing Rs. 33,000 were consigned by X to his agent Y at a proforma price which was cost plus one – sixth profit on invoice price. Invoice price of goods will be?
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On 1 st Sept. 2016 goods costing Rs. 33,000 were consigned by X to his...
Calculation of Invoice Price of Goods:
To calculate the invoice price of goods, we need to first calculate the cost price of goods and then add one-sixth profit to it.
Cost Price of Goods = Proforma Price – One-Sixth Profit
As per the given information, the goods were consigned at a proforma price which was cost plus one-sixth profit. Let's assume the cost price of goods is 'C'.
Proforma Price = Cost Price + One-Sixth Profit
33,000 = C + (1/6)C
33,000 = 7/6 C
C = (33,000 x 6)/7
C = Rs. 28,285.71
Thus, the cost price of goods is Rs. 28,285.71.
Now, we can calculate the invoice price of goods by adding one-sixth profit to the cost price.
Invoice Price of Goods = Cost Price + One-Sixth Profit
Invoice Price of Goods = 28,285.71 + (1/6 x 28,285.71)
Invoice Price of Goods = Rs. 33,600
Therefore, the invoice price of goods is Rs. 33,600.
Explanation:
In this question, we are given the proforma price of goods and the profit margin. We need to calculate the cost price of goods and then add the profit margin to it to get the invoice price of goods. The formula used to calculate the cost price of goods is Proforma Price = Cost Price + One-Sixth Profit. We can rearrange this formula to get the cost price of goods. Once we have the cost price of goods, we can use the formula Invoice Price of Goods = Cost Price + One-Sixth Profit to calculate the invoice price of goods.
To calculate the invoice price of goods, we need to first calculate the cost price of goods and then add one-sixth profit to it.
Cost Price of Goods = Proforma Price – One-Sixth Profit
As per the given information, the goods were consigned at a proforma price which was cost plus one-sixth profit. Let's assume the cost price of goods is 'C'.
Proforma Price = Cost Price + One-Sixth Profit
33,000 = C + (1/6)C
33,000 = 7/6 C
C = (33,000 x 6)/7
C = Rs. 28,285.71
Thus, the cost price of goods is Rs. 28,285.71.
Now, we can calculate the invoice price of goods by adding one-sixth profit to the cost price.
Invoice Price of Goods = Cost Price + One-Sixth Profit
Invoice Price of Goods = 28,285.71 + (1/6 x 28,285.71)
Invoice Price of Goods = Rs. 33,600
Therefore, the invoice price of goods is Rs. 33,600.
Explanation:
In this question, we are given the proforma price of goods and the profit margin. We need to calculate the cost price of goods and then add the profit margin to it to get the invoice price of goods. The formula used to calculate the cost price of goods is Proforma Price = Cost Price + One-Sixth Profit. We can rearrange this formula to get the cost price of goods. Once we have the cost price of goods, we can use the formula Invoice Price of Goods = Cost Price + One-Sixth Profit to calculate the invoice price of goods.
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On 1 st Sept. 2016 goods costing Rs. 33,000 were consigned by X to his agent Y at a proforma price which was cost plus one – sixth profit on invoice price. Invoice price of goods will be?
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On 1 st Sept. 2016 goods costing Rs. 33,000 were consigned by X to his agent Y at a proforma price which was cost plus one – sixth profit on invoice price. Invoice price of goods will be? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about On 1 st Sept. 2016 goods costing Rs. 33,000 were consigned by X to his agent Y at a proforma price which was cost plus one – sixth profit on invoice price. Invoice price of goods will be? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for On 1 st Sept. 2016 goods costing Rs. 33,000 were consigned by X to his agent Y at a proforma price which was cost plus one – sixth profit on invoice price. Invoice price of goods will be?.
On 1 st Sept. 2016 goods costing Rs. 33,000 were consigned by X to his agent Y at a proforma price which was cost plus one – sixth profit on invoice price. Invoice price of goods will be? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about On 1 st Sept. 2016 goods costing Rs. 33,000 were consigned by X to his agent Y at a proforma price which was cost plus one – sixth profit on invoice price. Invoice price of goods will be? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for On 1 st Sept. 2016 goods costing Rs. 33,000 were consigned by X to his agent Y at a proforma price which was cost plus one – sixth profit on invoice price. Invoice price of goods will be?.
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