Given begin array c c text Opening stock amp 50... - JAMB Commerce 2015 Question
Given
\(\begin{array}{c|c}
\text{Opening stock} & 50,000 \\ \hline
\text{Purchases} & 200,000 \\ \hline
\text{Sales} & 350,000 \\ \hline
\text{Closing stock} & 80,000 \\ \end{array}\)
What is the cost of good sold?
\(\begin{array}{c|c}
\text{Opening stock} & 50,000 \\ \hline
\text{Purchases} & 200,000 \\ \hline
\text{Sales} & 350,000 \\ \hline
\text{Closing stock} & 80,000 \\ \end{array}\)
What is the cost of good sold?
A
N200,000
B
N190,000
C
N170,000
D
N175,000
correct option: c
The cost of goods sold is calculated through the formula below
opening stock + purchases – closing stock.
If we go by the formula above it is
N50,000 + N 200,000 - N80,000 which is equal to N170,000.
opening stock + purchases – closing stock.
If we go by the formula above it is
N50,000 + N 200,000 - N80,000 which is equal to N170,000.
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