Use information below to answer this question.
Capital: opening balance 307,000
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?
A N 535,650
B N628,300
C N637,950
D N647,600
Answer is D
