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JAMB Commerce 2022 Paper

Question : 14

Total: 80

Use the information below to answer questions 13 and 14

Solution:

Concept:

Gross profit is found by subtracting the cost of goods sold from sales.

Explanation:

First, calculate the cost of goods sold.

Cost of goods sold = Opening stock + Purchases - Closing stock.

= ₦30,000 + ₦16,000 - ₦10,000

= ₦36,000

Then, subtract this from the sales figure.

Gross profit = Sales - Cost of goods sold.

= ₦50,000 - ₦36,000

= ₦14,000

Answer:

D. ₦14,000.00

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