JAMB - Accounts Principles Of Accounts (1994 - No. 15)
Given;
Purchases = N20,000
Sales = N40,000
Carriage inwards = N5,000
Carriage outwards = N5,000
Opening stock = N10,000
Closing stock = N5,000
What is the cost of goods sold?
Purchases = N20,000
Sales = N40,000
Carriage inwards = N5,000
Carriage outwards = N5,000
Opening stock = N10,000
Closing stock = N5,000
What is the cost of goods sold?
N30,000
N25,000
N20,000
N15,000
Explanation
Cost of goods sold:
= Opening stock + purchases + carriage inwards - closing stock
= 10000 + 20000 + 5000 - 5000
= 35000 - 5000
= 30000
: Cost of goods sold = 30000
= Opening stock + purchases + carriage inwards - closing stock
= 10000 + 20000 + 5000 - 5000
= 35000 - 5000
= 30000
: Cost of goods sold = 30000
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