Use the following information to answer this question The following are the final accounts of...
FINANCIAL
JAMB 2019
Use the following information to answer this question
The following are the final accounts of a trading organisation Wazobi ventures, for the year ended 30th June, 19x8
| # | # | |
| Sales less: cost of goods sold | 233,000 170,000 | |
| 63,000 | ||
| less: Overhead Expenses Admin expenses Selling expenses Other overhead expenses | 16,800 15,000 6,200 | |
| Net profit | 25,000 |
What is the Gross Profit on percentage of sale?
- A. 2.7%
- B. 0.27%
- C. 27.0%
- D. 29.8%
Correct Answer: C. 27.0%
Explanation
Gross profit % on sales = gross profit ÷ sales x 100
= \(\frac{63,000}{233,000}\) x 100 =27%
Post an Explanation Or Report an Error
If you see any wrong question or answer, please leave a comment below and we'll take a look. If you doubt why the selected answer is correct or need additional more details? Please drop a comment or Contact us directly. Your email address will not be published. Required fields are marked *