Use the following to answer this question
|
Opening stock Purchases Sales Closing Stocks |
₦ 20,000 70,000 100,000 15,000 |
What was the gross profit?
- ₦35,000
- ₦75,000
- ₦50,000
-
₦25,000
The correct answer is: D
Explanation
Gross profit = sales - cost of goods sold
100,000 - 75,000
⇒ ₦25,000