Use the following information to answer question Kolawole’s Opening Stock was N10, 000. His purchases...

NECO 2007

Use the following information to answer question

Kolawole’s Opening Stock was N10, 000. His purchases was N280,000 Goods returned outward was N3,000, and the Closing Stock was N8,000
The rate of stock turnover is?

A. 2.0 times
B. 30.0 times
C. 31.0 times
D. 31.3 times
E. 32.2 times

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Correct Answer: Option C

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