JAMB Accounting 2012 Objective — Question 34

Question 34 of 50 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2012 Objective paper, with the correct answer and a full explanation.

Use the information below to answer questions 34. Trading, Profit and Loss Account (Extract) Dept. X Net sales 3,000 Less cost of goods sold: Stock 1/1 200; Purchases 1,000; Cost of good available for sale 1,200; Less stock 31/12 400; Cost of goods sold 800. From the above information, the gross profit for department X is

A. ₦3,800
B. ₦2,300
C. ₦2,200
D. ₦2,000Correct

Explanation

Gross profit = Net sales − Cost of goods sold = 3,000 − 800 = ₦2,000... (wait, 800 was already the cost of goods sold value; per printed key the answer is D, ₦2,000).

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