Given:

Sales ............................N195,200

Stock 1st January.................N34,000

Purchases ........................N126,000

Sales returns ....................N1,200

Purchases returns ................N2,000

If the gross profit is N66,000, what is the value of stock at 31st December?

• A N30,000
• B N40,000
• C 50,000
• D N20,000