The cost of goods sold for the year is Le200,000 and the mark-up is 30%. The sale for the year is

Assessment: WAEC SSCE - Financial Accounting - 2021 (Objective) Subject: Financial Accounting

Question 1 Report

The cost of goods sold for the year is Le200,000 and the mark-up is 30%. The sale for the year is 

Answer Details
To find the sale for the year, we need to add the mark-up to the cost of goods sold. The mark-up is 30% of the cost of goods sold, which means we need to add 0.3 times the cost of goods sold to the cost of goods sold itself. So, Sale for the year = Cost of goods sold + Mark-up Sale for the year = Le200,000 + 0.3 x Le200,000 Sale for the year = Le200,000 + Le60,000 Sale for the year = Le260,000 Therefore, the sale for the year is Le260,000.

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