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NECO Accounting 2007 Objective — Question 33

Question 33 of 60 from the National Examinations Council (NECO) Accounting 2007 Objective paper, with the correct answer and a full explanation.

Using the same data (Net sales N240,000), calculate the gross profit.

A. N176,000
B. N136,000
C. N104,000Correct

Explanation

Gross profit = Net sales N240,000 - Cost of goods sold N136,000 = N104,000.

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