| ₦ |
₦ |
||
|
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 |
Calculate the net profit
The net profit is calculated by subtracting the total expenses from the net sales. In this case, the net sales is ₦370,000 and the total expenses (cost of goods sold and rent expenses) is ₦265,000. Therefore, the net profit is ₦370,000 - ₦265,000 = ₦105,000.
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