WAEC Financial Accounting 1991 (August) Question 29

Question 29

Incomplete Records

Manufacturing cost of finished goods: ₦75,000
Selling and distribution expenses: ₦5,000
Mark-up is 25%

The sales value for the year is

  1. A.₦93,750
  2. B.₦56,250
  3. C.₦18,750
  4. D.₦17,500
  5. E.₦13,750
Show the answer and explanation

Answer: A (₦93,750)

Explanation

Sales = 75,000 + 18,750 = ₦93,750.