Stock is N200 at start, and N320 at close purchases N2,055 and sales N3,189. Find the cost of goods sold
Question 1 Report
Stock is N200 at start, and N320 at close purchases N2,055 and sales N3,189. Find the cost of goods sold
Answer Details
To find the cost of goods sold, we need to subtract the value of the closing stock from the sum of the cost of goods purchased and the value of the opening stock.
The cost of goods purchased is N2,055, and the opening stock is valued at N200, so the total value of goods available for sale is:
N2,055 + N200 = N2,255
The value of the closing stock is N320, so the cost of goods sold can be calculated as:
Cost of goods sold = N2,255 - N320 = N1,935
Therefore, the cost of goods sold is N1,935.
In summary, to find the cost of goods sold, we need to subtract the value of the closing stock from the sum of the cost of goods purchased and the value of the opening stock. The cost of goods sold in this problem is N1,935.
Download The App On Google Playstore
Everything you need to excel in your exams
Personalized AI Learning Chat Assistant
200,000+ Exam Questions Across IGCSE, JAMB, WAEC & NECO
Over 3,900 Lesson Notes
Offline Support - Learn Anytime, Anywhere
Green Bridge Timetable
Literature Summaries & Potential Questions
Track Your Performance & Progress
In-depth Explanations for Comprehensive Learning