Use the information below to answer question
Trading account for the year ended 31st December 2009
Calculate the cost of goods sold
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
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Correct Answer: Option B
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
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