Beginning inventory............N? Purchases......................N? Ending inventory...............N4,800 Sales..........................N12,800 Wages..........................N1,040 Gross profit...................N5,900 The beginning inventory was estimated at...
FINANCIAL
JAMB 2004
Beginning inventory............N?
Purchases......................N?
Ending inventory...............N4,800
Sales..........................N12,800
Wages..........................N1,040
Gross profit...................N5,900
The beginning inventory was estimated at 80% of sales.
Determine the amount for the beginning inventory?
- A. N20,140
- B. N10,240
- C. N8,140
- D. N7,240
Correct Answer: B. N10,240
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