Use the following to answer the given question
(begin{array}{c|c} & N & & N \ 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 sold?
(begin{array}{c|c} & N & & N \ 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 sold?
-
A.
N19,805 -
B.
N21,075 -
C.
N21,375 -
D.
N21,750 -
E.
N22,395