Use the information below to answer the question: Trading account for the year ended 31st December 2009 ₦ ₦ Opening Stock 32,000 Sales 48,000 Purchases 40,0...

Answer Details

To calculate the cost of goods sold, we need to find the cost of goods available and then subtract the closing stock. The cost of goods available is found by adding the opening stock to the cost of purchases: 32,000 + 39,000 = 71,000 The cost of goods sold is found by subtracting the closing stock from the cost of goods available: 71,000 - 9,000 = 62,000 So, the cost of goods sold is ₦62,000.