If the gross profit is N66000. What is the value of stock at 31st December?

Given:

Sales ……………………….N195,200
Stock 1st January……………..N34,000
Purchases ……………………N126,000
Sales returns ………………..N1,200
Purchases returns …………….N2,000

A. N30,000
B. N40,000
C. 50,000
D. N20,000

Correct Answer:

Option A – N30,000