Stock 1 1 20 000 Net sales 370 000 Add purchase... - JAMB Commerce 2023 Question
| ₦ |
₦ |
||
|
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 |
Calculate the net profit
A
₦35,000
B
₦115,000
C
₦105,000
D
₦40,000
correct option: c
To calculate the net profit, subtract the total expenses from the net sales. The total expenses include the cost of goods sold and rent expenses, which add up to 230,000 + 35,000 = 265,000. The net sales are 370,000. So, the net profit is 370,000 - 265,000 = 105,000.
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