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WAEC Commerce 2007 Question 17

Question 17

Business Calculations

If the opening stock is Le200, cost of goods sold Le2,400, and closing stock Le120, then the rate of turnover is

  1. A.20 times
  2. B.15 times
  3. C.12 times
  4. D.7.5 times.
Show the answer and explanation

Answer: B (15 times)

Explanation

Average stock = (200 + 120) ÷ 2 = Le160; 2,400 ÷ 160 = 15 times.