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When the cost of sales is divided by the average stock, the result is

Commerce
JAMB 2022

When the cost of sales is divided by the average stock, the result is

  • A. gross profit
  • B. net profit
  • C. rate of turnover
  • D. working capital
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Correct Answer: Option C
Explanation

Rate of stock turnover also known as stock turnover is the number of times stock are used up in an organization and it is calculated as:

Rate of stock turnover = cost of goods sold / Average stock

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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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