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Use the following information to answer questions below Trading Account of Umeh Enterprises for the...

Accounts - Principles of Accounts
WAEC 2022

Use the following information to answer questions below

Trading Account of Umeh Enterprises for the year ended 31st December 2019

  GH⊄   GH⊄
Opening stock 10000 Sales 200000
Purchases 120000 Less: (4000)
  130000   196000
Closing stock (22800)    
Cost of goods sold -----    
Gross profit ------    
  196000   196000


 


The cost of goods sold is

  • A. GH⊄ 152,800
  • B. GH⊄ 107,200
  • C. GH⊄ 43,200
  • D. GH⊄ 88,800
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Correct Answer: Option B
Explanation

Cost of goods sold = Opening stock + Purchases - Closing stock
= 10,000 + 120,000 - 22,800
= 107,200

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WAEC offline past questions - with all answers and explanations in one app - Download for free
WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
WAEC May/June 2024 - Practice for Objective & Theory - From 1988 till date, download app now - 99995
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709
WAEC May/June 2024 - Practice for Objective & Theory - From 1988 till date, download app now - 99995
WAEC offline past questions - with all answers and explanations in one app - Download for free