Use the following information to answer questions below Trading Account of Umeh Enterprises for the year ended 31st December 2019
GH⊄ GH⊄
Opening stock 10000 Sales 200000
Purchases 120000 Less: (4000)
130000 196000
Closing stock (22800)
Cost of goods sold -----
Gross profit ------
196000 196000
The cost of goods sold is
  • A GH⊄ 152,800
  • B GH⊄ 107,200
  • C GH⊄ 43,200
  • D GH⊄ 88,800
waec 2022accounting

The correct answer is B. GH⊄ 107,200

Cost of goods sold = Opening stock + Purchases - Closing stock

= 10,000 + 120,000 - 22,800

= 107,200

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