Given: Sales ............................N195,200 Stock 1st January.................N34,000 Purchases ........................N126,000 Sales returns ....................N1,200 Purchases returns ................N2,000 If...

JAMB 2002

Given:

Sales ............................N195,200
Stock 1st January.................N34,000
Purchases ........................N126,000
Sales returns ....................N1,200
Purchases returns ................N2,000
If the gross profit is N66,000, what is the value of stock at 31st December?

A. N30,000
B. N40,000
C. 50,000
D. N20,000

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Correct Answer: Option A

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