Post Utme Ksu 2022 Accounting Question 20

A company uses a job costing system to account for its manufacturing operations. The company has two departments: Cutting and Assembly. The Cutting department has a balance of ₦120,000 in its Work-in-Progress (WIP) account, while the Assembly department has a balance of ₦80,000 in its WIP account. If the company sells a product for ₦150,000, and the Cutting department incurred costs of ₦30,000 and the Assembly department incurred costs of ₦20,000, what is the total amount of cost of goods sold (COGS) for the product?