Use the following information to answer below
| GH⊄ | |
| Sales | 200000 |
| Purchase | 170000 |
| Opening stock | 40000 |
| Closing stock | 50000 |
A. 10%
B. 20%
C. 25%
D. 15%
Correct Answer:
Option B = 20%
Explanation
Gross profit percentage = Gross profit/Sales x 100
Cost of goods sold = 40,000 + 170,000 – 50,000
= 160,000
Gross profit = 200,000 – 160,000
= 40,000
Gross profit % = 40,000/200,000 x 100
= 20%
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