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WAEC Commerce 2010 Question 49

Question 49

Business Calculations

Use the following information: Ojo bought a bicycle for ₦20,000, and repaired it at a cost of ₦5,000. He then sold the bicycle for ₦30,000.
What is the cost of goods sold?

  1. A.₦30,000
  2. B.₦25,000
  3. C.₦20,000
  4. D.₦15,000
Show the answer and explanation

Answer: B (₦25,000)

Explanation

The bicycle cost ₦20,000 plus ₦5,000 to repair it, so the cost of the bicycle sold is ₦25,000.