# Stock 1/1/09 2200 Purchases 18000 Sales 27000 Salaries 1500 Rejection in doubtful debts 500 Office expenses 1100 Other expenses 1300 Stock 31/12/09 1000 T...

Assessment: JAMB UTME - Principles of Accounts - 2024 Subject: Financial Accounting

Question 1 Report

The cost of goods sold is

#21,200

#20,200

#19,200

#18,800

Answer Details

To calculate the Cost of Goods Sold (COGS), we need to use the formula:

COGS = Opening Stock + Purchases - Closing Stock

Let's break it down:

By plugging these values into the formula, we get:

COGS = 2,200 + 18,000 - 1,000

After calculating, we find:

COGS = 19,200

So, the Cost of Goods Sold is #19,200.

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