JAMB - Commerce (2025 - No. 40)
Use the following information below to answer the question
Ojo bought a bicycle for #20,000, and repaired it at a cost of #5,000. He then sold the bicycle for ₦30,000
What is the cost of goods sold?
Ojo bought a bicycle for #20,000, and repaired it at a cost of #5,000. He then sold the bicycle for ₦30,000
What is the cost of goods sold?
₦20,000
₦30,000
₦15,000
₦25,000
Explanation
The cost of goods sold is the total cost that a company incurs to produce a product or service. In this case, Ojo bought a bicycle
for ₦20,000 and repaired it at a cost of ₦5,000. Therefore, the cost of goods sold is ₦20,000 + ₦5,000 = ₦25,000.
for ₦20,000 and repaired it at a cost of ₦5,000. Therefore, the cost of goods sold is ₦20,000 + ₦5,000 = ₦25,000.
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