JAMB Accounting 2020 Objective — Question 4

Question 4 of 40 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2020 Objective paper, with the correct answer and a full explanation.

4. What is the cost of sales for the year? (using the Ibikunle ltd. data in Q3)

A. A. N6,600
B. B. N6,000Correct
C. C. N7,000
D. D. N9,000

Explanation

Cost of sales = Opening stock + Purchases - Director's withdrawal - Closing stock = 500+7000-600-900 = N6,000.

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