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WAEC Commerce 2021 Question 21

Question 21

Business Calculations

Use the information below to answer questions 20 and 21.
Opening stock ₦4,000
Closing stock ₦12,000
Purchases ₦17,000
The cost of goods sold is

  1. A.₦4,000
  2. B.₦9,000
  3. C.₦16,000
  4. D.₦21,000
Show the answer and explanation

Answer: B (₦9,000)

Explanation

Cost of goods sold = opening stock + purchases − closing stock = 4,000 + 17,000 − 12,000 = ₦9,000.