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What was the gross profit?

Accounts - Principles of Accounts
JAMB 2019

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
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Correct Answer: Option D
Explanation

Gross profit = sales - cost of goods sold
100,000 - 75,000
⇒ ₦25,000

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