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WAEC SSCE - Financial Accounting - 2000 (Objective)

Question 1 Report

Use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{Sales} & 14,600 \\ \text{Purchases} & 5,500 \\ \text{Return inward} & 150 \\ \text{Rent} & 2,000 \\ \text{Salaries} & 1,000 \\ \text{Discount received} & 400\\ \text{Closing stock} & 250 \\ \text{Opening stock} & 100\end{array}\)
The cost of goods sold is
Answer Details
To calculate the cost of goods sold, we need to subtract the closing stock from the sum of opening stock, purchases, and any other expenses directly related to the cost of goods sold. The formula for calculating the cost of goods sold is: Cost of goods sold = Opening stock + Purchases - Closing stock Using the values given in the table, we have: Cost of goods sold = 100 + 5,500 - 250 Cost of goods sold = N5,350 Therefore, the answer is N5,350.
Read lesson note on Nature And Significance Of Accounting (JAMB)
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