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Accounts (Principles of Accounts) · Final accounts of a sole trader

Accounts (Principles of Accounts)Final accounts of a sole traderJAMB

Use the following information from the books of Ifeoma Stores for the year ended 31 December to answer the question. Opening inventory ₦40,000 · Purchases ₦260,000 · Returns outwards ₦10,000 · Carriage inwards ₦6,000 · Closing inventory ₦56,000 · Sales ₦380,000 · Returns inwards ₦12,000

What is the cost of goods sold?

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