JAMB Accounting 2013 Objective — Question 40

Question 40 of 50 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2013 Objective paper, with the correct answer and a full explanation.

Use the information below to answer questions 40 and 41. Department | K (₦) | Y (₦) Opening stock | 2,500 | 800 Purchases | 120,000 | 100,000 Sales | 180,000 | 200,000 Salaries | 8,000 | 30,000 Closing stock | 3,000 | 1,500 (Rate expenses of 1,500 are apportioned in the ratio 1:2) The gross profit for K is

A. ₦23,500
B. ₦60,500Correct
C. ₦60,700
D. ₦82,500

Explanation

Cost of goods sold for K = Opening stock 2,500 + Purchases 120,000 − Closing stock 3,000 = 119,500. Gross profit = Sales 180,000 − 119,500 = ₦60,500.

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