On 1st July 2005 T. Olomola a trader had his Beginning inventory valued at NGN1300 and his Ending inventory valued at NGN1700 on 30th June 2006. During the year he turnover his stock four times and made on the whole a gross profit of 25% on turnover.
Required :
Calculate the following
a. Average inventory
b. Cost of goods sold
c. Turnover
d. Gross profit

Answer rating: 100% (QA)

Solution a Average inventory Beginning inventory Ending inventory ... View the full answer