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
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