JAMB Principles of Accounts 2014 Question 29

Maina Merchants Trading and Profit and Loss Account (Extract)
Stock (1/1/2010) ₦80,000
Purchases ₦90,000
Cost of goods available for sale ₦170,000
Stock (31/12/2010) ?
Cost of goods sold ?
Gross profit ₦150,000
Total ₦270,000
Sales ₦300,000; Less returns inwards ₦30,000; ₦270,000
Determine the closing stock.

1. A.₦30,000.
2. B.₦40,000.
3. C.₦50,000.
4. D.₦60,000.