CAF-5 · Chapter 1 · Question 10 of 10
A business has Opening Finished Goods of Rs. 160,000. During the period, the Cost of Goods Manufactured is calculated as Rs. 967,000. If the Closing Finished Goods are valued at Rs. 120,000, what is the Cost of Goods Sold?
Test yourself: pick an answer
Reveal answer & explanation
Correct answer: B) Rs. 1,007,000
Explanation
Cost of Goods Sold = Opening Finished Goods + Cost of Goods Manufactured - Closing Finished Goods. Calculation: Rs. 160,000 + Rs. 967,000 - Rs. 120,000 = Rs. 1,007,000.
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