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, 19×8
| ₦ | ₦ | |
| 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?
- 2.7%
- 0.27%
-
27.0%
- 29.8%
The correct answer is: C
Explanation
Gross profit % on sales = gross profit ÷ sales x 100
= \(\frac{63,000}{233,000}\) x 100 =27%