JAMB Commerce 2012 Objective — Question 31

Question 31 of 50 from the Joint Admissions and Matriculation Board (JAMB) Commerce 2012 Objective paper, with the correct answer and a full explanation.

If the rate of turnover of a company in 1999 was 4 times while the average stock was N49,600, determine the turnover.

A. N198,400Correct
B. N100,200
C. N99,200
D. N49,600

Explanation

Rate of turnover = cost of goods sold(turnover)/Average stock. 4 = cost of goods sold(turnover)/49,600. Cost of goods sold (turnover) = 4×49,600 = N198,400.

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