Use the question to answer this question:
Expenses are to be shared in the ratio of sales.
What was the cost of goods sold?
| Opening stock | ₦ |
| DepartmentAB | 100800 |
| Purchases:ABWages of workersSalaries | 1500200050100 |
| SalesAB | 30005000 |
Expenses are to be shared in the ratio of sales.
What was the cost of goods sold?
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Correct Answer: Option D
Explanation:
Cost of goods sold = Opening stock + Purchases - closing stocks
20,000 + 70,000 - 15,000
⇒ ₦75,000
Cost of goods sold = Opening stock + Purchases - closing stocks
20,000 + 70,000 - 15,000
⇒ ₦75,000