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GCE Commerce 1990 Question 6

Question 6

Business Calculations

Use the information given below to answer Questions 6 & 7:
Opening stock – N1000
Closing stock N9000
Purchases N14,000
The average stock is

  1. A.N2000
  2. B.N3000
  3. C.N5000
  4. D.N6000
  5. E.N7000
Show the answer and explanation

Answer: C (N5000)

Explanation

Average stock = (opening + closing stock) ÷ 2 = (1000 + 9000) ÷ 2 = N5000.