Question on: JAMB Accounting - 2008

Use this information below to answer this question.

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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