Given:<br/>Opening stock 40 000<br/>Purchases 115 000<br/>Closing stock 60 000<br/>Sales 250 000<br/>What is the cost of goods sold?
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Correct Answer: Option B
Explanation:
The cost of goods sold is calculated by adding opening stock to purchases and then subtracting closing stock. Therefore, N40,000 + N115,000 − N60,000 = N95,000. The cost of goods sold is therefore N95,000.
The cost of goods sold is calculated by adding opening stock to purchases and then subtracting closing stock. Therefore, N40,000 + N115,000 − N60,000 = N95,000. The cost of goods sold is therefore N95,000.