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Use the information below to answer questions 23 and 24.Beginning inventory........


Question

Use the information below to answer questions 23 and 24.Beginning inventory............N?

Purchases......................N?

Ending inventory...............₦4,800

Sales..........................₦12,800

Wages..........................₦1,040

Gross profit...................₦5,900The beginning inventory was estimated at 80% of sales.

Determine the amount for the beginning inventory?

Options

A)
₦20,140
B)
₦10,240
C)
₦8,140
D)
₦7,240

The correct answer is B.


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