JAMB Commerce 2023 Paper

Concept:Gross profit is the profit made from buying and selling goods before deducting operating expenses like rent.Explanation:From the table, Net sales is $\text{₦}370,000$.Cost of goods sold is $\text{₦}230,000$.Gross profit is calculated as Net sales minus Cost of goods sold.Gross profit $= \text{₦}370,000 - \text{₦}230,000 = \text{₦}140,000$.Rent expenses are not subtracted when finding gross profit.Answer:Gross profit is $\text{₦}140,000$.Therefore, the correct option is D.