Test Index

JAMB Accounts Principles of Accounts 2018 Paper

Question : 7

Total: 88

Use the information below to answer question

Solution:

Concept:

Cost of goods sold is the cost of goods available for sale minus the closing stock.

Explanation:

Opening stock is

\#32{,}000

and purchases are

\#39{,}000

Cost of goods available for sale

= \#32{,}000 + \#39{,}000 = \#71{,}000

Less closing stock

= \#9{,}000

Therefore, Cost of goods sold

= \#71{,}000 - \#9{,}000 = \#62{,}000

Answer:

\#62{,}000

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