# Stock Jan 1 2600 Purchases 4000 Carriage inwards 500 Sales 9000 Carriage outwards 500
FINANCIAL
JAMB 2023
| # | |
Stock Jan 1 | 2600 |
| Purchases | 4000 |
| Carriage inwards | 500 |
| Sales | 9000 |
| Carriage outwards | 500 |
Determine the net profit
- A. #4,000
- B. #4,500
- C. #5,000
- D. #1,400
Correct Answer: D. #1,400
Explanation
Cost of goods sold = 2600 + 4000 + 500
= 7100
Gross profit = 9000 - 7100
= 1900
Therefore, Net profit = Gross profit - Expenses
= 1900 - 500
= N1400
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