| # | |
|
Stock Jan 1 |
2600 |
| Purchases | 4000 |
| Carriage inwards | 500 |
| Sales | 9000 |
| Carriage outwards | 500 |
Determine the net profit
- #4,000
- #4,500
- #5,000
-
#1,400
The correct answer is: D
Explanation
Cost of goods sold = 2600 + 4000 + 500
= 7100
Gross profit = 9000 - 7100
= 1900
Therefore, Net profit = Gross profit - Expenses
= 1900 - 500
= ₦1400