WAEC Accounting 2024 Objective — Question 7

Question 7 of 50 from the West African Examinations Council (WAEC) Accounting 2024 Objective paper, with the correct answer and a full explanation.

The value of purchases is

A. Le 139,200
B. Le 135,000
C. Le 133,200Correct
D. Le 127,200

Explanation

At 33 1/3% mark-up, profit = 1/4 of cost of sales = Le45,000, so cost of sales = Le135,000. Purchases = Cost of sales + Closing stock - Opening stock = 135,000+4,200-6,000 = Le133,200.

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