A. N95,600
B. N95,000
C. N90,600
D. N85,000
Correct Answer:
Option C – N90,600
Explanation
opening stock + cost of goods sold – closing stock = purchase
Remember COGS was given as;
cost of goods sold = sales – profit (10% of sales)
100,000 – 10,000 = 90,000
Hence we have;
purchase = 5,000 + 90000 – 5,600 = 90,600
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