Use information below to answer this question.
Capital: opening balance 307,000
closing balance 342,000
Net profit for the period 121,600
Opening stock 98,800
Purchases 706,000
Carriage inwards 17,500
Cost of goods sold 740,700
Total selling , general and
administration expenses 526,000
Discount received 9, 650
Calculate the gross profit for the period?
a
N 535,650
b
N628,300
c
N637,950
d
N647,600
Explanation
Correct Option
dNo explanation available
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hadeyorlar17
7 years ago
Sorry! The correct answer to this question is 637,950. G.P = Net profit + total expenses - total income (discount received). G.P = 121,600 + 526,000 - 9,650 = 637,950. Option (c)
