Use the information below to answer question  Sales....................................N10,900 Stock 1/1................................N1, 000 Stock 31/12..............................N2, 000 Purchases................................N4,...

Use the information below to answer question Sales....................................N10,900 Stock 1/1................................N1, 000 Stock 31/12..............................N2, 000 Purchases................................N4,...

JAMB 2010

Use the information below to answer question

Sales....................................N10,900
Stock 1/1................................N1, 000
Stock 31/12..............................N2, 000
Purchases................................N4, 000
Returns outwards.........................N800
Returns inwards..........................N600
Carriage outwards........................N300
Carriage inwards.........................N200

The cost of goods available for sale is?

A. N4 600
B. N5 000
C. N6 400
D. N4 400

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Correct Answer: Option D

Explanation

sales 10900
- Returns inwards 600
-carriage outwards 300
10000
opening stock 1000
purchase 4000
- returns outwards 800 3200
+ carriage inwards 200
goods avail. for sale 4400

less; closing stock 2000
carriage outwards 300 2300 2100
Gross profit 7900

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