Use the following to answer this question Openi... - JAMB Accounting 2019 Question
Use the following to answer this question
Opening stock Purchases Sales Closing Stocks |
₦ 20,000 70,000 100,000 15,000 |
What was the gross profit?
A
₦35,000
B
₦75,000
C
₦50,000
D
₦25,000
correct option: d
Gross profit = sales - cost of goods sold
= 100,000 - 75,000
= ₦25,000
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