WAEC Accounting 2018 Objective — Question 23
Question 23 of 50 from the West African Examinations Council (WAEC) Accounting 2018 Objective paper, with the correct answer and a full explanation.
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The cost of goods sold is [Sales Le120,000, Purchases Le100,000, Opening stock Le10,000, Closing stock Le20,000]
- A. Le120,000
- B. Le110,000
- C. Le90,000Correct
- D. Le30,000
Explanation
Cost of goods sold = Opening stock + Purchases − Closing stock = 10,000+100,000−20,000 = Le90,000.
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