WAEC Accounting 2023 Objective — Question 7

Question 7 of 50 from the West African Examinations Council (WAEC) Accounting 2023 Objective paper, with the correct answer and a full explanation.

(Osei Enterprises, year ended 31 Dec 2020: Purchases 160,000; Returns outwards 880; Carriage inwards 740; Returns inwards 620; Sales 195,000; Salaries 27,600; Closing stock 14,100.) The cost of goods available for sale is

A. D 159,860.Correct
B. D 159,380.
C. D 159,260.
D. D 159,120.

Explanation

Cost of goods available for sale = Purchases (160,000) + Carriage inwards (740) - Returns outwards (880) = D159,860.

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