Neco 2019 Financial Accounting Question 2

The following information relates to Alpha Traders Ltd. for the month ended 30 June. The business uses a perpetual inventory system and the accounting period is one month. - Opening stock of goods: ₦120,000 - Purchases on credit: ₦250,000 - Purchase returns (goods sent back to suppliers): ₦20,000 - Freight‑in (cost of bringing purchases to store): ₦5,000 - Sales on credit: ₦400,000 - Sales returns (goods returned by customers): ₦15,000 - Freight‑out (delivery of goods to customers): ₦3,000 - Salaries paid: ₦30,000 - Rent paid: ₦12,000 - Depreciation on equipment (straight‑line) for the month: ₦2,500 - Closing stock counted: ₦110,000 No other transactions occurred during the month. Answer the following: