Use the information below to answer this question.
Trading Account (Extract)
……………………………..N……………………………….N……
Opening stock…19500……..Sales…………96 000.
Add purchases…68700……………………………
………………………….88200……………………………
Less closing stock..?……………………………
Cost of goods sold..?……………………………
Gross profit C/D….?……………………………
………………..?……………………..?……
The gross profit margin is 20%
A. N76 800
B. N67 800
C. N14 100
D. N11 400
Correct Answer:
Option C – N14 100
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