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WAEC Accounting 2022 Paper

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Question : 39

Total: 50

Use the following information to answer questions below

Trading Account of Umeh Enterprises for the year ended 31st December 2019

GH⊄ 152,800
GH⊄ 107,200
GH⊄ 43,200
GH⊄ 88,800

Solution:

Concept:

Cost of goods sold is calculated from the trading account using opening stock, purchases, and closing stock.

Explanation:

Use the formula:

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

Substitute the given values:

= 10{,}000 + 120{,}000 - 22{,}800

= 107{,}200

Therefore, the cost of goods sold is GH⊄ 107,200.

Answer:

B. GH⊄ 107,200

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