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

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

Opening inventory is ₦40,000, purchases ₦260,000 and closing inventory ₦55,000. Find the cost of sales.

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Answer: D. ₦245,000

40,000 + 260,000 − 55,000 = ₦245,000.

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