Question on: JAMB Accounting - 2008
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Trading Account (Extract)
.................N.............................N......
Opening stock...19500........Sales............96 000..
Add purchases...68700.................................
................88200.................................
Less closing stock..?.................................
Cost of goods sold..?.................................
Gross profit C/D....?.................................
....................?..........................?......
The gross profit margin is 20%
What is the gross profit?
Trading Account (Extract)
.................N.............................N......
Opening stock...19500........Sales............96 000..
Add purchases...68700.................................
................88200.................................
Less closing stock..?.................................
Cost of goods sold..?.................................
Gross profit C/D....?.................................
....................?..........................?......
The gross profit margin is 20%
What is the gross profit?
A
N88 200
B
N76 800
C
N 19 200
D
N12 900
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Correct Option: A
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