Waec Model Questions Vol1 2024 Financial Accounting Question 22
Practice objective / multiple choice question 22 from the 2024 Waec Model Questions Vol1 Financial Accounting examination.
A merchandising firm has opening stock of ₦1,500,000 and net sales (after returns) of ₦9,000,000. The firm's historical gross‑profit ratio is 40% of sales. Purchases during the year were recorded at ₦4,200,000; purchase returns amounted to ₦300,000 and freight‑in was ₦120,000. After applying the gross‑profit method, the physical count showed that the actual closing stock is 5% less than the amount computed by the method. Determine the actual closing‑stock value.
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About This Question
This is Waec Model Questions Vol1 2024 Financial Accounting Question 22. It is one of the objective questions from the 2024 Waec Model Questions Vol1 Financial Accounting examination.
Difficulty level: Hard .
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