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Use the following information to answer this question The following are the final ...
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Accounts - Principles of Accounts Classroom
Jamb
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Jamb 2019
Introduction To Company Accounts
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Use the following information to answer this question
The following are the final accounts of a trading organisation Wazobi ventures, for the year ended 30th June, 19x8
₦
₦
Salesless: cost of goods sold
233,000170,000
63,000
less: Overhead ExpensesAdmin expensesSelling expensesOther overhead expenses
16,80015,0006,200
Net profit
25,000
What is the Gross Profit on percentage of sale?
A.
2.7%
B.
0.27%
C.
27.0%
D.
29.8%
Show Answer
Show Explanation
Correct Answer: C
Explanation
Gross profit % on sales = gross profit ÷ sales x 100
= \(\frac{63,000}{233,000}\) x 100 =27%
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