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JAMB Commerce 1995 Question 18

Question 18

Business Calculations

Given:
Opening stock ₦40 000
Purchases ₦115 000
Closing stock ₦60 000
Sales ₦250 000
What is the cost of goods sold?

  1. A.₦155 000
  2. B.₦95 000
  3. C.₦50 000
  4. D.₦30 000
Show the answer and explanation

Answer: B (₦95 000)

Explanation

Cost of goods sold = opening stock + purchases − closing stock = 40 000 + 115 000 − 60 000 = ₦95 000.