Use the information below to answer questions 23 and 24. ............................31/12/07.......31/12/08 Stocks........................₦4 200.........₦3...

Answer Details

To find the value of purchases, we need to calculate the change in stocks from 2007 to 2008 and add it to the cost of goods sold. The change in stocks is calculated as: Stocks (31/12/08) - Stocks (31/12/07) = ₦3,900 - ₦4,200 = -₦300 Since there is a decrease in stocks, it means that goods were sold from stocks. Therefore, the value of purchases for the year 2008 is: Cost of goods sold + change in stocks = ₦6,000 - ₦300 = ₦5,700 Therefore, the answer is ₦5,700.