JAMB Accounting 2011 Objective — Question 22

Question 22 of 49 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2011 Objective paper, with the correct answer and a full explanation.

[Incomplete Record extract: Sales #10,600; Rent #200; Depreciation of vehicle (cost #5,000) 10%; Gross profit margin is 20%] What is the cost of goods sold?

A. A. #4,800
B. B. #8,480Correct
C. C. #2,320
D. D. #9,900

Explanation

Gross profit = 20/100 x #10,600 = #2,120. Cost of goods sold = Sales - Gross profit = #10,600 - #2,120 = #8,480.

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