Question on: JAMB Commerce - 2015
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?
A
N200,000
B
N190,000
C
N170,000
D
N175,000
Ask EduPadi AI for a detailed answer
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.
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