Question on: JAMB Accounting - 2023
From table given, determine the net profit.
| # | |
|
Stock Jan 1 | 2600 |
| Purchases | 4000 |
| Carriage inwards | 500 |
| Sales | 9000 |
| Carriage outwards | 500 |
A
#4,000
B
#4,500
C
#5,000
D
#1,400
Ask EduPadi AI for a detailed answer
Correct Option: D
Cost of goods sold:
2600 + 4000 + 500 = 7100
Gross profit:
9000 - 7100 = 1900
Net profit:
Gross profit - Expenses
= 1900 - 500
= ₦1400
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