JAMB Commerce 2013 Objective — Question 23
Question 23 of 50 from the Joint Admissions and Matriculation Board (JAMB) Commerce 2013 Objective paper, with the correct answer and a full explanation.
Advertisement
The rate of turnover of a firm in a given year is 5 times while the average stock is ₦12,500. What is the cost of goods sold? (Note: the source scan's option A is not legible/printed.)
- A. (not legible in source)
- B. ₦62,500Correct
- C. ₦65,000
- D. ₦24,000
Explanation
Rate of stock turnover = Cost of goods sold (turnover) ÷ Average stock. 5 = COGS ÷ 12,500, so COGS = 5 × 12,500 = ₦62,500.
Advertisement
Sign up free to unlock
- Score tracking
- Practice history
- Saved questions
- Progress dashboard
- Personalized sessions
- Weak-topic breakdown
…and/or go further with premium services and No Ads.