O-LevelAccountingAccounting procedures7707/11 · May/June 2019 · Q201 Mark

A golf club sells refreshments to its members. Suppliers of refreshments were owed $250 on 1 January 2018 and $400 on 31 December 2018. Payments to suppliers during the year were $7200. The inventory at the end of the year was $100 less than the inventory at the start of the year. What was the cost of sales of refreshments for the year ended 31 December 2018?

A$7050

B$7150

C$7300

D$7450

✓ Correct answer

A: $7050

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Topic: Accounting procedures, O-Level Accounting (syllabus 7707). Multiple choice, 1 mark.
Source: O-Level Accounting, May/June 2019 Paper 1 Variant 1, question 20.

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