Trading account for the year ended 31st December 2009
₦
₦
Opening Stock 32,000
Sales 48,000
Purchases 40,000
Less Return 2,000
Carriage inwards 1,000
41,000
Less Return 2,000 39,000
Cost of goods available ??
Less closing stock 9,000
Cost of goods sold ??
Calculate the cost of goods sold
A. #61,000 B. #62,000 C. #58,000 D. #57,000
Correct Answer: B
Explanation
Cost of goods sold is the direct costs attributable to the production of the goods sold in a company. Â Cost of goods available for sale (32000 + 39000) = 71000 Â Less closing stock = 9000 Â Cost of goods sold = 7100 - 9000 Â = 62000
