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Derive the stock turnover period.(Average stock = 23,000. Cost of sales = 300,000 year =...

Accounts - Principles of Accounts
JAMB 2015

Derive the stock turnover period.(Average stock = 23,000. Cost of sales = 300,000 year = 365 days).

  • A. 28 days
  • B. 42 days
  • C. 27 days
  • D. 23 days
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Correct Answer: Option A
Explanation

Average stock / cost of sales x 365days.
23,000 ÷ 300,000 x 365 = 27.9 (Approximately 28 days)

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