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WAEC Financial Accounting 1998 Question 2

Question 2

Final Accounts of a Sole Trader

Opening Stock + Purchases + Carriage inwards is equal to

  1. A.total sales
  2. B.cost of goods sold
  3. C.cost of goods available for sale.
  4. D.gross profit
  5. E.prime cost.
Show the answer and explanation

Answer: C (cost of goods available for sale.)

Explanation

Before closing stock is deducted, this total is the cost of goods available for sale.