Use the information below to answer question Trading account for the year ended 31st December...
FINANCIAL
JAMB 2018
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 Answer: B. #62,000
Explanation
Cost of goods sold is the direct costs attributable to the production of the goods sold in a company.
Cost of goods available for sale (32000 + 39000) = 71000
Less closing stock = 9000
Cost of goods sold = 7100 - 9000
= 62000
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