Adodo Enterprises and Loss Account (Extract) ₦ ₦ Opening stock 5,000 Sales 100,000 Purchases ? ? Less closing stock 5,600 Cost of goods sold ? Gross profit ...

Assessment: JAMB UTME - Principles of Accounts - 2009 Subject: Financial Accounting

Question 1 Report

Adodo Enterprises and Loss Account (Extract)
₦ ₦
Opening stock 5,000 Sales 100,000
Purchases ?
?
Less closing stock 5,600
Cost of goods sold ?
Gross profit ?
100,000 100,000

If the gross profit margin is 10% what is the value of the cost of goods sold?

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