Given: Sales #180,000 Stock 1/1 # 25,000 Purchases #110,000 Sales returns # 1000 Purchases returns
FINANCIAL
JAMB 2014
Given:
Sales #180,000
Stock 1/1 # 25,000
Purchases #110,000
Sales returns # 1000
Purchases returns # 1,500
Gross profit # 58,000
Determine the value of stock as at 31st December
- A. #8000
- B. #9,500
- C. #12,500
- D. #15,500
Correct Answer: C. #12,500
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