Use the information below to answer questions 23 and 24. Beginning inventory............N? Purchases......................N? Ending inventory...............N4,800...

JAMB 2004

Use the information below to answer questions 23 and 24.

Beginning inventory............N?
Purchases......................N?
Ending inventory...............N4,800
Sales..........................N12,800
Wages..........................N1,040
Gross profit...................N5,900

The beginning inventory was estimated at 80% of sales.
Determine the amount for the beginning inventory?

A. N20,140
B. N10,240
C. N8,140
D. N7,240

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Correct Answer: Option B

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