Post Utme Futa 2023 Accounting Question 9

A company uses the perpetual inventory system. The following transactions occurred during the month of January: January 1: Purchased 100 units of goods at ₦100 each. January 5: Sold 50 units of goods at ₦150 each. January 10: Purchased 50 units of goods at ₦120 each. January 15: Sold 25 units of goods at ₦160 each. January 20: Purchased 75 units of goods at ₦130 each. January 25: Sold 50 units of goods at ₦170 each. January 31: Purchased 25 units of goods at ₦140 each. Calculate the cost of goods sold for the month of January.