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JAMB Accounts Principles of Accounts 2018 Paper

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Question : 27

Total: 88

Using the following:

4000
300
4300
5000

Solution:

Concept:

Cost of goods sold is computed as Opening Stock + Purchases + Carriage Inwards − Closing Stock.

Explanation:

Using the given figures:

Opening stock =

4,000

Purchases =

5,000

Carriage inwards =

300

Closing stock =

4,300

So:

4,000 + 5,000 + 300 - 4,300 = 5,000

Answer:

The correct answer is

5,000

.

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