O-LevelAccountingAnalysis and interpretation7707/12 · May/June 2021 · Q311 Mark

A trader provided the following information. revenue $3600 opening inventory $100 purchases $2600 closing inventory $300 gross profit $1200 It was found that the closing inventory should have been $400. What was the correct rate of inventory turnover?

A6 times

B8 times

C9.2 times

D14.4 times

✓ Correct answer

A: 6 times

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Topic: Analysis and interpretation, O-Level Accounting (syllabus 7707). Multiple choice, 1 mark.
Source: O-Level Accounting, May/June 2021 Paper 1 Variant 2, question 31.

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