Use information below to answer this question. Capital: opening balance 307,000 closing balance 342,000 Net profit for the period 121,600 Opening stock 98,800 Purchases 706,000 Carriage inwards 17,500 Cost of goods sold 740,700 Total selling , general and administration expenses 526,000 Discount received 9, 650 Calculate the gross profit for the period?

Use information below to answer this question.

Capital: opening balance 307,000

closing balance 342,000

Net profit for the period 121,600

Opening stock 98,800

Purchases 706,000

Carriage inwards 17,500

Cost of goods sold 740,700

Total selling , general and

administration expenses 526,000

Discount received 9, 650

Calculate the gross profit for the period?

A N 535,650
B N628,300
C N637,950
D N647,600

jamb 1999 accounting

The correct answer is D. N647,600

No explanation given

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