O-LevelAccountingAnalysis and interpretation7707/11 · May/June 2022 · Q301 Mark

A business provided the following information. Opening inventory: $6800 Closing inventory: $6000 Rate of inventory turnover: 5 times What were the purchases for the year?

A$29 200

B$31 200

C$32000

D$32800

✓ Correct answer

B: $31 200

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Topic: Analysis and interpretation, O-Level Accounting (syllabus 7707). Multiple choice, 1 mark.
Source: O-Level Accounting, May/June 2022 Paper 1 Variant 1, question 30.

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