Given
| Opening stock | 50,000 |
| Purchases | 200,000 |
| Sales | 350,000 |
| Closing stock | 80,000 |
A. N200,000
B. N190,000
C. N170,000
D. N175,000
Correct Answer:
Option C – N170,000
Explanation
The cost of goods sold is calculated through the formula below
opening stock + purchases – closing stock.
If we go by the formula above it is
N50,000 + N 200,000 – N80,000 = N170,000.
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