Question on: JAMB Accounting - 2019
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
| ₦ | ₦ | |
| Sales less: cost of goods sold | 233,000 170,000 | |
| 63,000 | ||
| less: Overhead Expenses Admin expenses Selling expenses Other overhead expenses | 16,800 15,000 6,200 | |
| 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%
Ask EduPadi AI for a detailed answer
Correct Option: C
Gross profit percentage on sales = gross profit ÷ sales x 100
= \(\frac{63,000}{233,000}\) x 100 = 27%
And. 27%
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