Mr Ojo gives you the following information on 31st July 2...
Mr Ojo gives you the following information on 31st July 2017 Opening Stock 7,000 Closing Stock 12,000 Purchases 60,000 Expenses 4,500 Uniform margin of 33 \(\frac{1}{3}\) % You are required to calculate the sales
55,000
82,500
27,500
50,000
Correct answer is B
Firstly, convert margin to mark-up i.e, 33 \(\frac{1}{3}\)% = \(\frac{100}{300}={1}{3-1}={1}{2}\) or 50% Secondly, Cost of goods sold = Opening stock + Purchases - Closing Stock C.p = 7,000 + 60,000 - 12,000 C.p = ₦55,000 Thirdly, Profit = 50% × 55,000 = ₦27,500 Therefore, Sales = Cp + P ⇒ 55,000 + 27,500 = ₦82,500
Use the following information to answer the given question. \(\begin{array}{c|c} & Ebrima &...
Sale of goods for N600 to Ade was not posted, This is an error of ...
\(\begin{array}{c|c} & D\\ \hline \text{Construction of classrooms} & 500,000\\ \text{Sinkin...
Which of the following is used to derive missing figures in a system of incomplete records? ...
Rate of stock turnover is defined as ...
The source documents include? ...
One of the components of factory overhead is............ ...