Given: Sales...........................N15 000 Opening stock...................N5 600 Purchases.......................N9 700 Closing stock...................N4 400 Gross profit....................N4 500 Net...

JAMB 2005

Given:

Sales...........................N15 000
Opening stock...................N5 600
Purchases.......................N9 700
Closing stock...................N4 400
Gross profit....................N4 500
Net profit......................N2 200

From the data above, calculate the rate of turnover?

A. 3:50 times
B. 3:00 times
C. 2:00 times
D. 2:18 times

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Correct Answer: Option D

Explanation

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