WAEC Commerce 2015 Objective — Question 17
Question 17 of 50 from the West African Examinations Council (WAEC) Commerce 2015 Objective paper, with the correct answer and a full explanation.
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Calculate the gross profit for BYX Enterprise. [Opening stock D6,000; Purchases D23,000; Salaries and wages D12,000; Closing stock D8,000; Sales D30,000]
- A. D13,000
- B. D9,000Correct
- C. D5,000
- D. D1,000
Explanation
Gross profit = Sales − Cost of goods sold = D(30,000+23,000−8,000) − D21,000... = D30,000−(D6,000+D23,000−D8,000) = D30,000−D21,000 = D9,000.
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