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Use the following information to answer the given questio...

Use the following information to answer the given question:


NStock at 1st Jan. 19016,500Stock at 31st Dec. 19015,500Creditors at 1st Jan. 19014,000Creditors at 31st December 19015,000cash paid for goods during the year20,000Gross profit25% on costAdministrative and selling expenses2,750


Calculate the percentage of net profit on sales

A.

25%

B.

22%

C.

21%

D.

20%

E.

10%

Correct answer is E

No explanation has been provided for this answer.