Use this information below to answer this question.
Trading Account (Extract)
……………..N………………………..N……
Opening stock…19500……..Sales…………96 000..
Add purchases…68700……………………………
…………….88200……………………………
Less closing stock..?……………………………
Cost of goods sold..?……………………………
Gross profit C/D….?……………………………
………………..?……………………..?……
The gross profit margin is 20%
What is the gross profit?
A N88 200
B N76 800
C N 19 200
D N12 900
Answer is A
