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: B