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WAEC Commerce 2011 Question 17

Question 17

Business Calculations

Use the following information: A trader's turnover was D36,000. Purchases was D28,000. The opening stock was D2,000 and the closing stock D3,000.
What is the cost of goods sold?

  1. A.D28,000
  2. B.D27,000
  3. C.D8,000
  4. D.D5,000
Show the answer and explanation

Answer: B (D27,000)

Explanation

Cost of goods sold = 2,000 + 28,000 − 3,000 = D27,000.