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Commerce JAMB 2023
  ₦                                            

                    ₦

Stock 1/1

20,000 Net Sales 370,000

Add purchases

250,000    

Cost of goods available for sale

270,000    

Less stock 31/12

40,000    

Cost of goods sold

230,000    

Rent expenses

35,000    

 

Find the gross profit

  • ₦150,000
  • ₦370,000
  • ₦230,000
  • ₦140,000 checkmark

The correct answer is: D

Explanation

Gross profit is calculated by subtracting the cost of goods sold from net sales. From the given data, Net sales is ₦370,000 and Cost of goods sold is ₦230,000. Therefore, Gross profit = Net sales - Cost of goods sold = ₦370,000 - ₦230,000 = ₦140,000.

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