Home » Past Questions » Accounts » Use the following to answer the given question:\(\begin{array}{c|c} & ₦ & & ₦ \\ \hline \text{Opening stock} & 1,200 & sales & 29,000 \\ Purchases & ? & \text{Less sales returns } & 500 \\ \text{Add. Carriage Inwards} & 300 & & ? \\ \text{Less return outwards} & 1,570 \\ & 28,500 \\ \text{Less closing stock} & 2,220 & \\ \text{Gross Profit(25% of sales)} & 28,500 & & 28,500 \end{array}\)What is the cost of goods purchased?...

Use the following to answer the given question:\(\begin{array}{c|c} & ₦ & & ₦ \\ \hline \text{Opening stock} & 1,200 & sales & 29,000 \\ Purchases & ? & \text{Less sales returns } & 500 \\ \text{Add. Carriage Inwards} & 300 & & ? \\ \text{Less return outwards} & 1,570 \\ & 28,500 \\ \text{Less closing stock} & 2,220 & \\ \text{Gross Profit(25% of sales)} & 28,500 & & 28,500 \end{array}\)What is the cost of goods purchased?...


Question

Use the following to answer the given question:

\(\begin{array}{c|c} & ₦ & & ₦ \\ \hline \text{Opening stock} & 1,200 & sales & 29,000 \\ Purchases & ? & \text{Less sales returns } & 500 \\ \text{Add. Carriage Inwards} & 300 & & ? \\ \text{Less return outwards} & 1,570 \\ & 28,500 \\ \text{Less closing stock} & 2,220 & \\ \text{Gross Profit(25% of sales)} & 28,500 & & 28,500 \end{array}\)

What is the cost of goods purchased?

Options

A) ₦22,095

B) ₦22,395

C) ₦22,765

D) ₦23,665

E) ₦23,965

The correct answer is D.


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