| ₦ |
₦ |
||
|
Stock 1/1 |
20,000 | Net Sales | 370,000 |
|
Add purchases |
250,000 | ||
|
Cost of goods available for sale |
270,000 | ||
|
Less stock 31/12 |
40,000 | ||
|
Cost of goods sold |
230,000 | ||
|
Rent expenses |
35,000 |
Find the gross profit
Gross profit is calculated by subtracting the cost of goods sold from net sales. From the given data, Net sales is ₦370,000 and Cost of goods sold is ₦230,000. Therefore, Gross profit = Net sales - Cost of goods sold = ₦370,000 - ₦230,000 = ₦140,000.
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