Use the information below to answer question Tr... - JAMB Accounting 2018 Question
Use the information below to answer question
Trading account for the year ended 31st December 2009
| ₦ | ₦ |
| Opening Stock 32,000 | Sales 48,000 |
| Purchases 40,000 | Less Return 2,000 |
| Carriage inwards 1,000 | |
| 41,000 | |
| Less Return 2,000 39,000 | |
| Cost of goods available ?? | |
| Less closing stock 9,000 | |
| Cost of goods sold ?? |
Calculate the cost of goods sold
A
#61,000
B
#62,000
C
#58,000
D
#57,000
correct option: b
Calculation:
Cost of goods available for sale: (32000 + 39000) = 71000
Less closing stock: 9000
Cost of goods sold: 7100 - 9000
= 62000
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