Test Index

JAMB Commerce 2015 Paper

© africaexams.com

Question : 48

Total: 50

Given

Opening stock	50,000
Purchases	200,000
Sales	350,000
Closing stock	80,000

What is the cost of good sold?

N200,000
N190,000
N170,000
N175,000

Solution:

Concept:

Cost of goods sold is the direct cost of the items sold during a period.

Explanation:

It is calculated as:

\text{Cost of goods sold} = \text{Opening stock} + \text{Purchases} - \text{Closing stock}

Substitute the given values:

\text{Cost of goods sold} = ₦50,000 + ₦200,000 - ₦80,000

= ₦250,000 - ₦80,000

= ₦170,000

Answer:

C. ₦170,000

© africaexams.com

Go to Question:

Prev Question

Next Question