Given:
Sales………………………N15 000
Opening stock……………….N5 600
Purchases…………………..N9 700
Closing stock……………….N4 400
Gross profit………………..N4 500
Net profit………………….N2 200
A. 3:50 times
B. 3:00 times
C. 2:00 times
D. 2:18 times
Correct Answer:
Option D – 2:18 times
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