Question on: JAMB Commerce - 2023
| ₦ |
₦ |
||
|
Stock 1/1 |
20,000 | Net Sales | 370,000 |
|
Add purchases |
250,000 | ||
|
Cost of goods available for sale |
270,000 | ||
|
Less stock 31/12 |
40,000 | ||
|
Cost of goods sold |
230,000 | ||
|
Rent expenses |
35,000 |
Find the gross profit
A
₦150,000
B
₦370,000
C
₦230,000
D
₦140,000
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Correct Option: D
Gross profit is calculated by subtracting the cost of goods sold from net sales. With net sales of 370,000 and a cost of goods sold of 230,000, the gross profit is 370,000 - 230,000 = 140,000.
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