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
The beginning inventory was estimated at 80% of sales.
Determine the amount for the beginning inventory?
- N20,140
-
N10,240
- N8,140
- N7,240