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Use the following information to answer below   GH⊄ Sales 200000 Purchase 170000 Opening stock...

Accounts - Principles of Accounts
WAEC 2022

Use the following information to answer below

  GH⊄
Sales 200000
Purchase 170000
Opening stock 40000
Closing stock 50000


 


Stock turnover ratio is

  • A. 3.78 times
  • B. 3.56 times
  • C. 4 times
  • D. 3.2 times
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Correct Answer: Option B
Explanation

Stock turnover = Cost of goods sold/Average stock

where Average stock = Opening stock + Closing stock /2

160,000 / 40,000 +50,000 /2

= 160,000 /45,000

= 3.555
≃ 3.56 times

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WAEC May/June 2024 - Practice for Objective & Theory - From 1988 till date, download app now - 99995
WAEC offline past questions - with all answers and explanations in one app - Download for free
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709
WAEC offline past questions - with all answers and explanations in one app - Download for free
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
WAEC May/June 2024 - Practice for Objective & Theory - From 1988 till date, download app now - 99995
WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709