Use information below to answer this question.Capital: opening balance 307,000 Closing balance 342,000 Net profit for the period 121,600 Opening stock 98,80...
Question 1 Report
Use information below to answer this question.Capital: opening balance 307,000
Closing balance 342,000
Net profit for the period 121,600
Opening stock 98,800
Purchases 706,000
Carriage inwards 17,500
Cost of goods sold 740,700
Total selling , general and
Administration expenses 526,000
Discount received 9, 650What is the closing stock for the period?
Answer Details
To determine the closing stock for the period, we can use the formula:
Closing stock = Opening stock + Purchases + Carriage inwards - Cost of goods sold
Plugging in the given values, we get:
Closing stock = 98,800 + 706,000 + 17,500 - 740,700
Closing stock = 81,600
Therefore, the closing stock for the period is ₦81,600.
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