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
What is the Gross Profit on percentage of sale?
The following are the final accounts of a trading organisation Wazobi ventures, for the year ended 30th June, 19x8
| ₦ | ₦ | |
| Salesless: cost of goods sold | 233,000170,000 | |
| 63,000 | ||
| less: Overhead ExpensesAdmin expensesSelling expensesOther overhead expenses | 16,80015,0006,200 | |
| Net profit | 25,000 |
What is the Gross Profit on percentage of sale?
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Correct Answer: Option C
Explanation:
Gross profit % on sales = gross profit ÷ sales x 100
= \(\frac{63,000}{233,000}\) x 100 =27%
Gross profit % on sales = gross profit ÷ sales x 100
= \(\frac{63,000}{233,000}\) x 100 =27%