Use this information below to answer this question ₦ Capital: Opening balance 307,000 Closing balance
FINANCIAL
JAMB 2020
Use this information below to answer this question
₦
Capital: Opening balance 307,000
Closing balance 342,000
Net profit for the period 121,600
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
Opening stock 98,800
Calculate the closing stock for the period.
- A. ₦69,300
- B. ₦81,600
- C. ₦81,300
- D. ₦106,400
Correct Answer: B. ₦81,600
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