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

WAEC and NECO CBT App for Mobile Devices - Candidates, Schools, Centres, Resellers - 100% Offline -Download Now

WAEC and NECO CBT Software for Computers and Laptops - Candidates, Schools, Centres, Resellers - 100% Offline -Download Now

Correct Answer: Option B

Explanation

No official explanation is available for this question at this time. Please check contributions posted by others below. If you can provide an explanation to help other student learn, please click here

Previous Next

Go back to Acc classroom

Report an Error Ask A Question Download App