What is the gross profit for the period?

By: |Published on: Apr 7|Categories: Accounting JAMB| 0 comments

Use this information below to answer this question

₦
Capital: Opening balance 307,000
Closing balance 342,000
Net profit for the period 121,600
Purchases  706,000
Carriage inwards 17,500
Cost of goods sold  740,700
Total selling, general and administration expenses 526,000
Discount received 9,650
Opening stock 98,800

 

A. ₦535,650
B. ₦628,300
C. ₦647,600
D. ₦106,400

Correct Answer:

Option C = ₦647,600

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