Question on: JAMB Accounting - 2019
Mr Ojo gives you the following information on 31st July 2017
Opening Stock 7,000
Closing Stock 12,000
Purchases 60,000
Expenses 4,500
Uniform margin of 33 \(\frac{1}{3}\) %
You are required to calculate the sales
A
#55,000
B
#82,500
C
#27,500
D
#50,000
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Correct Option: B
Step 1: Convert the margin to mark-up:
33 \(\frac{1}{3}\)%
= \(\frac{100}{300}={1}{3-1}={1}{2}\) or 50%
Step 2: cost of goods sold = opening stock + purchases - closing stock
C.p = 7,000 + 60,000 - 12,000
C.p = ₦55,000
Step 3: prrofit = 50% × 55,000 = ₦27,500
Hence,
Sales = Cp + P
= 55,000 + 27,500
= ₦82,500
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