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Home » Past Questions » Accounts » Given;Purchases = ₦20,000 Sales = ₦40,000 Carriage inwards = ₦5,000 ...

Given;Purchases = ₦20,000 Sales = ₦40,000 Carriage inwards = ₦5,000 ...

Question

Given;

Purchases = ₦20,000
Sales = ₦40,000
Carriage inwards = ₦5,000
Carriage outwards = ₦5,000
Opening stock = ₦10,000
Closing stock = ₦5,000

What is the cost of goods sold?

Options

A)
₦30,000
B)
₦25,000
C)
₦20,000
D)
₦15,000

The correct answer is A.

Explanation:

Cost of goods sold:
= Opening stock + purchases + carriage inwards - closing stock
= ₦10000 + ₦20000 + ₦5000 - ₦5000
= ₦35000 - ₦5000
= ₦30000
Cost of goods sold = ₦30000

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Dicussion (1)

  • Nigerian Scholars Follow5 years ago

    Cost of goods sold:
    = Opening stock + purchases + carriage inwards - closing stock
    = ₦10000 + ₦20000 + ₦5000 - ₦5000
    = ₦35000 - ₦5000
    = ₦30000
    Cost of goods sold = ₦30000

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    1
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