JAMB - Accounts Principles Of Accounts (2024 - No. 69)
| # | |
|
Stock 1/1/09 |
2200 |
|
Purchases |
18000 |
|
Sales |
27000 |
|
Salaries |
1500 |
|
Rejection in doubtful debts |
500 |
|
Office expenses |
1100 |
|
Other expenses |
1300 |
|
Stock 31/12/09 |
1000 |
The cost of goods sold is
#21,200
#20,200
#19,200
#18,800
Explanation
Cost of Goods Sold (COGS) = Opening Stock (1-01-2009) + Purchases - Closing Stock (31-12-2009)
COGS #2,200+ #18,000 - #1,000
COGS #19,200
COGS #2,200+ #18,000 - #1,000
COGS #19,200
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