Use the information below to answer questions 23 and 24. Incomplete Record (Extract) Sales………………………………..N10,600 Rent………………………N200…

Accounts - Principles of Accounts JAMB 2011

Use the information below to answer questions 23 and 24.

Incomplete Record (Extract)

Sales………………………………..N10,600
Rent………………………N200
Depreciation of vehicle (cost N5000) 10%
Gross profit margin is 20%

What is the cost of goods sold?

  • N4 800
  • N8 480 checkmark
  • N2 320
  • N 9 900

The correct answer is: B

Explanation

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