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WAEC Accounting 2018 Paper

Question : 23

Total: 50

Use the information below to answer the question that follows

Solution:

Concept:

Cost of goods sold is calculated using opening stock, purchases, and closing stock.

Explanation:

Cost of goods sold = Opening stock + Purchases − Closing stock.

Substitute the given values:

10{,}000 + 100{,}000 - 20{,}000

First,

10{,}000 + 100{,}000 = 110{,}000

Then,

110{,}000 - 20{,}000 = 90{,}000

So, the cost of goods sold is

\mathrm{Le}\,90{,}000

Answer:

C. Le 90,000

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