JAMB Principles of Accounts 2002 Question 15

Use the information below to answer questions 15 and 16.
Erero's Trading Account for the month ended 31/05/2001.
Opening Stock ₦45000
Purchases ₦110000, Less returns ₦6000: ₦104000
(₦149000)
Less closing stock ???
Cost of sales ???
Gross profit ???
Total ₦157,000
Sales ₦161000, Less returns ₦4000: ₦157000
The gross profit ratio for the company is 25%.
If the total expenses is ₦20845, what will be the net profit for the company during the month?

1. A.₦19149
2. B.₦16168
3. C.₦21655
4. D.₦18405.