A. 1.2 times
B. 1.5 times
C. 2.0 times
D. 7.5 times
Correct Answer: Option A
A. 1.2 times
Explanation
To calculate the rate of turnover, the following things are needed;
All this have been given in the question so we go ahead to calculate our rate of turnover.
first step is calculating the average stock which is gotten as; opening stock + closing stock / 2
Thus we have; Average stock = 40,000 + 48,000= 88,000 / 2= 44,000
rate of turnover= cost of goods sold / average stock.
24,000 / 44,000= 1.2 times
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