11. If opening stock is £2,000, purchases for the year £12,000 and closing inventory £3,000, what is the cost of goods sold?
A. £13,000
B. £7,000
C. £11,000
D. £17,000
Answer : C
The Income Statement 11
11. If opening stock is £2,000, purchases for the year £12,000 and closing inventory £3,000, what is the cost of goods sold?
A. £13,000
B. £7,000
C. £11,000
D. £17,000
Answer : C