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 Find the gross profit.
A. N7 800 B. N7 900 C. N9700 D. 5700
Correct Answer: B
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                                      Â
