A business has the following trading account for the year ending 31 May 2008: £ £ Sales turnover 90,000 Opening stock Add: Purchases 8,000 53,000 61,000 Less: Closing stock 12,000 49,000 41,000 Gross profit Its rate of stock turnover for the year is ...times
A business has the following trading account for the year ending 31 May 2008: £ £ Sales turnover 90,000 Opening stock Add: Purchases 8,000 53,000 61,000 Less: Closing stock 12,000 49,000 41,000 Gross profit Its rate of stock turnover for the year is ...times
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
![A business has the following trading account for the year ending 31 May 2008:
£
£
Sales turnover
90,000
Opening stock
Add: Purchases
8,000
53,000
61,000
Less: Closing stock
12,000
49,000
41,000
Gross profit
Its rate of stock turnover for the year is
...times](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa8dea34d-0bd6-41c7-8e1d-df2c33a6d691%2F665a62d8-696c-4a05-9ac1-b453f5da2ab7%2Fcpllqb.jpeg&w=3840&q=75)
Transcribed Image Text:A business has the following trading account for the year ending 31 May 2008:
£
£
Sales turnover
90,000
Opening stock
Add: Purchases
8,000
53,000
61,000
Less: Closing stock
12,000
49,000
41,000
Gross profit
Its rate of stock turnover for the year is
...times
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