Question on: JAMB Accounting - 2024
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
The cost of goods sold is:
A
#21,200
B
#20,200
C
#19,200
D
#18,800
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Correct Option: C
To calculate the Cost of Goods Sold (COGS), use the formula:
\[\text{COGS} = \text{Opening Stock} + \text{Purchases} - \text{Closing Stock}\]
Substitute the values:
COGS = 2200 + 18000 - 1000 = 19200
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