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
Correct Answer: 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                        7900Â
