O-LevelAccountingAnalysis and interpretation7707/11 · May/June 2016 · Q281 Mark

A company provided the following information. [Table: revenue $500000; opening inventory $35000; purchases $310000; closing inventory $45000; cost of goods sold $300000; gross profit $200000] What was the rate of turnover of inventory?

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A5 times

B6.67 times

C7.5 times

D8.57 times

✓ Correct answer

C: 7.5 times

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Topic: Analysis and interpretation, O-Level Accounting (syllabus 7707). Multiple choice, 1 mark.
Source: O-Level Accounting, May/June 2016 Paper 1 Variant 1, question 28.

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