Use the following information to answer the given question \(\begin{array}{c|c} & N \\ \hline \text{Sales}...

WAEC 2000

Use the following information to answer the given question

\(\begin{array}{c|c} & N \\ \hline \text{Sales} & 14,600 \\ \text{Purchases} & 5,500 \\ \text{Return inward} & 150 \\ \text{Rent} & 2,000 \\ \text{Salaries} & 1,000 \\ \text{Discount received} & 400\\ \text{Closing stock} & 250 \\ \text{Opening stock} & 100\end{array}\)
Net profit is

A. N9,100
B. N7,850
C. N7,750
D. N6,500

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Correct Answer: Option D

Explanation

sales 14,600
less; sales returns 150
14,450
purchases --------- 5,500
disc, received ---- -400
5,100
opening stock------ 100
closing stock-------- -250
cost goods sold 4,950
9,500

Rent -------- 2,000
salaries --- 1,000 3,000
Net profit 6,500