Use this information below to answer this question. Trading Account (Extract) .................N.............................N...... Opening stock...19500........Sales............96 000.....
FINANCIAL
JAMB 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
Correct Answer: A. N88 200
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