WAEC Accounting 2021 Objective — Question 50
Question 50 of 50 from the West African Examinations Council (WAEC) Accounting 2021 Objective paper, with the correct answer and a full explanation.
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The cost of goods sold for the year is Le200,000 and the mark-up is 30%. The sale for the year is
- A. Le260,000Correct
- B. Le200,000
- C. Le140,000
- D. Le60,000
Explanation
Profit = 30% x Le200,000 = Le60,000. Selling price (Sales) = Le200,000 + Le60,000 = Le260,000.
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