Calculate the cost of goods sold

Use the information below to answer question

Trading account for the year ended 31st December 2009

Opening Stock 32,000Sales 48,000
Purchases 40,000Less Return 2,000
Carriage inwards 1,000
41,000
Less Return 2,000 39,000
Cost of goods available ??
Less closing stock 9,000
Cost of goods sold ??

Calculate the cost of goods sold

A #61,000

B #62,000

C #58,000

D #57,000

Answer is B

Calculation:

Cost of goods available for sale: (32000 + 39000) = 71000

Less closing stock: 9000

Cost of goods sold: 7100 – 9000

= 62000

Ans. #62000

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