WAEC SSCE - Financial Accounting - 1990…

Stock is N200 at start, and N320 at close purchases N2,055 and sales N3,189. Find the cost of goods sold

N3,186

N2,866

N2,255

N2,175

N1,935

Akọwa Nkọwa

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.






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WAEC SSCE - Financial Accounting - 1990 (Objective)