Use the information below to answer question
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
- #61,000
-
#62,000
- #58,000
- #57,000
The correct answer is: B
Explanation
Cost of goods sold is the direct costs attributable to the production of the goods sold in a company.
Cost of goods available for sale (32000 + 39000) = 71000
Less closing stock = 9000
Cost of goods sold = 7100 - 9000
= 62000