BECE Business Studies 2022 Objective — Question 53

Question 53 of 119 from the Basic Education Certificate Examination (Junior WAEC) (BECE) Business Studies 2022 Objective paper, with the correct answer and a full explanation.

Use the following information to answer questions 53 and 54. Trading account for the year ended 31st Dec, 2017: Opening stock ₦23,000; Purchases ₦61,000; Cost of goods available ?; Less closing stock ₦10,000; Cost of goods sold ₦74,000; Gross profit ?; Sales ₦100,000. The cost of goods available is

A. ₦100,000
B. ₦84,000Correct
C. ₦76,000
D. ₦61,000
E. ₦50,000

Explanation

Cost of goods available = opening stock + purchases = 23,000 + 61,000 = 84,000.

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