Waec Model Questions Vol1 2023 Financial Accounting Question 6
Practice objective / multiple choice question 6 from the 2023 Waec Model Questions Vol1 Financial Accounting examination.
A merchandising firm recorded the following figures for the year: Sales = ₦1,200,000; Opening stock = ₦200,000; Purchases = ₦800,000; Purchase returns = ₦30,000; Carriage inwards = ₦20,000. The gross profit is known to be 25% of sales. Determine the value of the closing stock.
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About This Question
This is Waec Model Questions Vol1 2023 Financial Accounting Question 6. It is one of the objective questions from the 2023 Waec Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
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