The following information is provided by a cultural club:
Stock of sports goods : Rs. 20,000
Purchase of sports goods during the accounting period : Rs. 80,000
Sports goods sold as scrap : Rs. 500
Closing balance : Rs. 30,000
The amount to be charged to Income and Expenditure Accounts as sports goods consumed will be:

A. Rs. 69,500

B. Rs. 70,000

C. Rs. 70,500

D. Rs. 80,000

Answer: Option A