Use the information below to answer the question that follows Sales--------------- 120,000 Purchase-----------100,000 Opening stock-----10,000 Closing stock...
Question 1 Report
Use the information below to answer the question that follows
Sales--------------- 120,000
Purchase-----------100,000
Opening stock-----10,000
Closing stock------20,000
The cost of goods sold is-----------
Answer Details
The cost of goods sold is Le 90,000.
To calculate the cost of goods sold, we need to know the cost of the goods that were sold during the period.
We can calculate the cost of goods sold using the following formula:
Cost of goods sold = Opening stock + Purchases - Closing stock
In this case, the opening stock is 10,000, the purchases are 100,000, and the closing stock is 20,000.
Therefore, the cost of goods sold = 10,000 + 100,000 - 20,000 = Le 90,000.
This means that the total cost of the goods sold during the period was Le 90,000.
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