JAMB Principles of Accounts 1999 Question 15

Use the information below to answer questions 14 and 15.
(₦)
Capital: opening balance 307,000
Capital: closing balance 342,000
Net profit for the period 121,600
Opening stock 98,800
Purchases 706,000
Carriage inwards 17,500
Cost of goods sold 740,700
Total selling, general and administration expenses 526,000
Discount received 9,650
Calculate the gross profit for the period

1. A.₦535,650
2. B.₦628, 300
3. C.₦637,950
4. D.₦647,600.