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Given                             ...

Accounts - Principles of Accounts
JAMB 2020

Given                                                 ₦     
Stock (1/4/94)                                  800
Purchases of flour                         2,450
Sales                                             4,745
Wages of bakery staff                      675
Carriage outwards                             50
Salary of administrative staff            225
Stock (31/3/95)                                 940
Capital                                           1,540

Calculate the cost of goods sold.

  • A. ₦3,925
  • B. ₦3,250
  • C. ₦2,985
  • D. ₦2,575
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Correct Answer: Option C
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