If opening stock is £2,000,purchases for the year £12,000 and closing inventory £3,000,what is the cost of goods sold?

Question

Quizplus · Accepted Answer

The cost of goods sold can be calculated using the formula: Cost of Goods Sold = Opening Stock + Purchases - Closing Stock. Substituting the values, we get: Cost of Goods Sold = £2,000 + £12,000 - £3,000 = £11,000. Therefore, the correct answer is option C.

If Opening Stock Is £2,000,purchases for the Year £12,000 and Closing