Use the information below to answer questions below
Work-in-progress 1/1........................N1,000
Work-in-progress 31/12......................N2,000
Production cost of goods manufactured.......N20,000
Sales.......................................N50,000
Stock of finished goods 1/1.................N4,000
Stock of finished goods 31/12...............N5,000
Selling and distribution expenses...........N2,000
Administrative expenses.....................N1,000
Determine the gross profit?
Work-in-progress 1/1........................N1,000
Work-in-progress 31/12......................N2,000
Production cost of goods manufactured.......N20,000
Sales.......................................N50,000
Stock of finished goods 1/1.................N4,000
Stock of finished goods 31/12...............N5,000
Selling and distribution expenses...........N2,000
Administrative expenses.....................N1,000
Determine the gross profit?
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Correct Answer: Option C
Explanation:
              Trading profit and Loss AccountÂ
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              Trading profit and Loss AccountÂ
| opening stock          4,000Add: cost of products    20,000    24,000Less: closing stock               5000                             19,000Gross profit                    31,000                             50,000selling & dis. Exp        2000Admin. Exp            1,000     3000Net profit                      28,000                             31,000       | Sales       50,000G.profit b/d  31000 |
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