A trader's turnover was D36,000. Purchases was D28,000. The opening stock was D2,000 and the...
COMMERCE
WAEC 2011
A trader's turnover was D36,000. Purchases was D28,000. The opening stock was D2,000 and the closing stock was D3,000.
What is the cost of goods sold?
- A. D28,000
- B. D27,000
- C. D8,000
- D. D5,000
Correct Answer: B. D27,000
Explanation
Starting inventory + purchases - ending inventory = cost of goods sold. 2000 + 28000 - 3000 = 27,000
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