Use the information below to answer questions 23 and 24. Incomplete Record (Extract) Sales......................................N10,600 Rent...........................N200...

JAMB 2011

Use the information below to answer questions 23 and 24.

Incomplete Record (Extract)

Sales......................................N10,600
Rent...........................N200
Depreciation of vehicle (cost N5000) 10%
Gross profit margin is 20%

What is the cost of goods sold?

A. N4 800
B. N8 480
C. N2 320
D. N 9 900

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Correct Answer: Option B

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