JAMB Principles of Accounts 2002 Question 16

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%.
The closing stock for this company is

1. A.₦72000
2. B.₦45000
3. C.₦42500
4. D.₦31250.