NECO Commerce 2025 Objective — Question 14
Question 14 of 50 from the National Examinations Council (NECO) Commerce 2025 Objective paper, with the correct answer and a full explanation.
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Use the information below to answer this question and the next two. Table: Stock as at 01/01/2024 = 20,000; Stock as at 31/12/2024 = 50,000; Purchases = 100,000; Sales = 90,000. The cost of goods sold is
- A. #10,000
- B. #20,000
- C. #50,000
- D. #70,000Correct
Explanation
Cost of goods sold = Opening stock + Purchases - Closing stock = 20,000 + 100,000 - 50,000 = #70,000.
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