Use the following to answer the given question \( \begin{array}{c|c} \text{Purchases} & 2,000\\ \text{Opening stock} & 900\\ \text{Closing stock} & 300 \\ \...
Question 1 Report
Use the following to answer the given question
\( \begin{array}{c|c} \text{Purchases} & 2,000\\ \text{Opening stock} & 900\\ \text{Closing stock} & 300 \\ \text{Sales} & 3,850\end{array}\)
The cost of goods available is
\( \begin{array}{c|c} \text{Purchases} & 2,000\\ \text{Opening stock} & 900\\ \text{Closing stock} & 300 \\ \text{Sales} & 3,850\end{array}\)
The cost of goods available is
Answer Details
The cost of goods available is the total cost of all goods that were available for sale during the period. It is calculated by adding the opening stock and the purchases.
Cost of goods available = Opening stock + Purchases
Using the figures given in the table, we have:
Cost of goods available = 900 + 2,000
Cost of goods available = 2,900
Therefore, the cost of goods available is N2,900. is the correct answer.
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