WAEC Financial Accounting 2021 Question 50

Question 50

Incomplete Records

The cost of goods sold for the year is Le 200,000 and the mark-up is 30%. The sale for the year is

  1. A.Le 260,000
  2. B.Le 200,000
  3. C.Le 140,000
  4. D.Le 60,000
Show the answer and explanation

Answer: A (Le 260,000)

Explanation

200,000 × 1.30 = Le 260,000.