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.
The correct answer is B. N7 900
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
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