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 |
Calculate the net profit on percentage of expenses.
- 60%
- 25%
- 13%
-
65.7%
The correct answer is: D
Explanation
Net profit on % of expenses =
Net profit x 100
Expenses
= \(\frac{25000}{38000}\) x 100
= 65.7%