Use the information below to answer questions 23 and 24.
Beginning inventory…………N?
Purchases………………….N?
Ending inventory……………N4,800
Sales……………………..N12,800
Wages……………………..N1,040
Gross profit……………….N5,900
Purchases………………….N?
Ending inventory……………N4,800
Sales……………………..N12,800
Wages……………………..N1,040
Gross profit……………….N5,900
The beginning inventory was estimated at 80% of sales.
Determine the amount for the beginning inventory?
- A.
N20,140 - B.
N10,240 - C.
N8,140 - D.
N7,240