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
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
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