WAEC Accounting 2024 Paper

Mark-up = $\frac{\text{profit}}{\text{cost of sales}}$ = $\frac{1}{3}$

Margin = $\frac{\text{profit}}{\text{cost} + \text{profit}}$ = $\frac{1}{3 + 1}$ = $\frac{1}{4}$

$\frac{1}{4}$ = $\frac{\text{profit}}{\text{cost} + \text{profit}}$ = $\frac{\text{profit}}{\text{sales}}$

$\frac{1}{4}$ = $\frac{\text{profit}}{180000}$

Profit = $\frac{\text{le 180,000}}{4}$ = Le 45,000

Cost of sales + Profit = Sales

Cost of sales = Sales - Profit

= Le 180,000 - Le 45,000

Cost of sales = Le 135,000

Cost of sales = opening stock + purchase - closing stock

Le 135,000 = Le 6,000 + purchase - Le 4,200

Purchase = Le 135,000 + 4,200 - Le 6,000

= Le 133,200