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