WAEC Financial Accounting 1994 Question 8

Use the following Trading Account (? marks figures you must work out):
Debit side: Opening Stock ₦1,200; Purchases ?; Add Carriage Inwards ₦300; Less returns outwards ₦1,570; Less closing stock ₦2,220; Gross Profit (25% of sales) ?; Total ₦28,500
Credit side: Sales ₦29,000; Less sales Returns ₦500; Net sales ₦28,500

The goods profit is

1. A.₦7,125
2. B.₦7,250
3. C.₦7,425
4. D.₦7,625
5. E.₦7,925