What is the gross profit for the period?

Use this information below to answer this question

	₦
Capital: Opening balance	307,000
Closing balance	342,000
Net profit for the period	121,600
Purchases	706,000
Carriage inwards	17,500
Cost of goods sold	740,700
Total selling, general and administration expenses	526,000
Discount received	9,650
Opening stock	98,800

A. ₦535,650
B. ₦628,300
C. ₦647,600
D. ₦106,400

Correct Answer:

Option C = ₦647,600