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WAEC Agriculture 2022 Paper

Question : 45

Total: 47

Solution:

Concept:

Gross profit is the difference between sales and the cost of goods sold.

Explanation:

First, calculate the cost of goods sold using the formula:

\text{Cost of goods sold} = \text{Opening stock} + \text{Purchases} - \text{Closing stock}

Substitute the values from the farm record:

= 300 + 552 - 252 = 600

Then, calculate gross profit:

\text{Gross profit} = \text{Sales} - \text{Cost of goods sold}

= 1404 - 600 = 804

Answer:

Option A: ₦804

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