JAMB Accounting 2011 Objective — Question 25

Question 25 of 49 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2011 Objective paper, with the correct answer and a full explanation.

[Same information as above] Calculate the cost of goods sold.

A. A. #61,000
B. B. #58,000
C. C. #62,000Correct
D. D. #57,000

Explanation

Cost of goods available = #32,000+#39,000 = #71,000. Cost of goods sold = #71,000 - closing stock #9,000 = #62,000.

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