What is the cost of goods sold _______?

Use the information below to answer question

Incomplete Record (Extract)

Sales………………………………..N10,600
Rent………………………N200
Depreciation of vehicle (cost N5000) 10%
Gross profit margin is 20%

A. N4 800
B. N8 480
C. N2 320
D. N 9 900

Correct Answer:

Option B – N8 480