Work-in-progress 1/1........................N1,000
...
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?
49,000
48,000
31,000
30,000
Correct answer is C
Trading profit and Loss Account
|
opening stock 4,000 Gross profit 31,000 |
Sales 50,000 G.profit b/d 31000 |
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\(\begin{array}{c|c} Capital & Le \\ \hline Aye & 20,000\\ Bee & 30,000\\ Drawings &...