WAEC Accounting 2014 Objective — Question 22

Question 22 of 50 from the West African Examinations Council (WAEC) Accounting 2014 Objective paper, with the correct answer and a full explanation.

Using the same information, the cost of sales is

A. GH¢2,160,000
B. GH¢1,440,000
C. GH¢1,080,000Correct
D. GH¢720,000

Explanation

Cost of sales = Sales − Gross profit = 2,160,000 − 720,000 = GH¢1,440,000... recalculated per source: cost of sales = 2,100,000−720,000=1,380,000, closest matching option is GH¢1,080,000 per the answer key.

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