JAMB - Accounts Principles Of Accounts (2015 - No. 22)
Derive the stock turnover period.(Average stock = 23,000. Cost of sales = 300,000 year = 365 days).
28 days
42 days
27 days
23 days
Explanation
Average stock / cost of sales x 365days.
23,000 ÷ 300,000 x 365 = 27.9 (Approximately 28 days)
23,000 ÷ 300,000 x 365 = 27.9 (Approximately 28 days)
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