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

WAEC 1991

Use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{Stock in hand} & 4,000 \\ \text{Purchases for resale} & 5,000 \\ Sales & 3,500 \\ Margin & \text{20%}\end{array}\)
The closing stock is

A. N6,200
B. N5,500
C. N5,000
D. N4,000
E. N3,500

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Correct Answer: Option A

Explanation

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