Ojo bought a bicycle for #20,000, and repaired it at a cost of #5,000. He then sold the bicycle for #30,000. What is the cost of goods sold

Assessment: WAEC SSCE - Commerce - 2010 (Objective) Subject: Commerce

Question 1 Report

Ojo bought a bicycle for #20,000, and repaired it at a cost of #5,000. He then sold the bicycle for #30,000.

What is the cost of goods sold

#30,000

#25,000

#20,000

#15,000

Answer Details

The cost of goods sold is the cost that a seller incurred to produce or acquire the goods that were sold. In this scenario, the cost of goods sold would be the sum of the cost of the bicycle and the cost of repairs, which is #20,000 + #5,000 = #25,000. Therefore, the answer is #25,000.

Read lesson note on Purchase And Sale Of Goods (JAMB)

Read lesson note on Commerce (JAMB)

Purchase And Sale Of Goods

Commerce

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Ojo bought a bicycle for #20,000, and repaired it at a cost of #5,000. He then sold the bicycle for #30,000. What is the cost of goods sold

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