O-LevelAccountingAnalysis and interpretation7707/13 · Oct/Nov 2024 · Q291 Mark

The average inventory of a business was $40000. The rate of inventory turnover was 5 times a year. Mark-up was 20%. What was the revenue for the year?

A$160000

B$200 000

C$240 000

D$250 000

✓ Correct answer

C: $240 000

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Topic: Analysis and interpretation, O-Level Accounting (syllabus 7707). Multiple choice, 1 mark.
Source: O-Level Accounting, Oct/Nov 2024 Paper 1 Variant 3, question 29.

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