JAMB Commerce 2015 Objective — Question 13

Question 13 of 50 from the Joint Admissions and Matriculation Board (JAMB) Commerce 2015 Objective paper, with the correct answer and a full explanation.

The rate of turnover of a firm in a given year is 5 times while the average stock is ₦12,500. What is the turnover of the firm?

A. ₦24,000
B. ₦46,000
C. ₦65,000
D. ₦62,500Correct

Explanation

Rate of turnover = cost of goods sold (turnover) / average stock. So turnover = 5 × 12,500 = ₦62,500.

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