Given the following information, how much would the cost of goods sold be? Sales RM8

Accounting May 03, 2021

Given the following information, how much would the cost of goods sold be? Sales RM8.200; Opening inventory RM1,300; Closing Inventory RM900; Purchases RM6,400; Carriage inwards RM200.

Select one:

a. 7,000

b. Another figure.

C. 6,800.

d. 6,200.

Expert Solution

Answer:

Cost of goods sold is calculated as follows:

	RM
Opening Inventory (A)	1,300
Purchases (B)	6,400
Carried Inventory (C)	200
Closing Inventory (D)	(900)
Cost of goods sold (A + B + C - D)	RM 7,000

So correct answer is option (a) or RM 7,000

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