What was the gross profit?
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?
A
₦35,000
B
₦75,000
C
₦50,000
D₦25,000
Answer is D
Gross profit = sales – cost of goods sold
= 100,000 – 75,000
= ₦25,000
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