Kwame runs a retail business in Accra. His financial records show the following for the year ended 31 December 2024:

Opening inventory: $12,400
Purchases: $86,500
Closing inventory: $14,200
Carriage inwards: $1,800

What is the cost of sales?

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Question

Kwame runs a retail business in Accra. His financial records show the following for the year ended 31 December 2024:

Opening inventory: $12,400
Purchases: $86,500
Closing inventory: $14,200
Carriage inwards: $1,800

What is the cost of sales?

Accepted Answer

$86,500 — Award 1 mark for correct calculation: Opening inventory ($12,400) + Purchases ($86,500) + Carriage inwards ($1,800) − Closing inventory ($14,200) = $86,500. A is incorrect — this omits carriage inwards. C is incorrect — this adds closing inventory instead of deducting it. D is incorrect — this adds both opening and closing inventory to purchases.

Answer

$84,700

Answer

$86,500

Answer

$88,300

Answer

$100,700

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