Question 54
What is the gross profit?
Use the following information to answer questions 53 and 54.
Trading account for the year ended 31st Dec. 2017.
Trading account for the year ended 31st Dec. 2017.
| ₦ | ₦ | ||||
| Opening stock | 23,000 | Sales | 100,000 | ||
| Purchases | 61,000 | ||||
| Cost of goods available | ? | ||||
| Less closing stock | 10,000 | ||||
| Cost of goods sold | 74,000 | ||||
| Gross profit | ? 100,000 | 100,000 |
What is the gross profit?
Objective