Determine the closing stock?

Use the information below to answer this question.

Trading Account (Extract)

……………………………..N……………………………….N……
Opening stock…19500……..Sales…………96 000.
Add purchases…68700……………………………
………………………….88200……………………………
Less closing stock..?……………………………
Cost of goods sold..?……………………………
Gross profit C/D….?……………………………
………………..?……………………..?……
The gross profit margin is 20%

A. N76 800
B. N67 800
C. N14 100
D. N11 400

Correct Answer:

Option C – N14 100