WAEC Commerce 2022 Objective — Question 14

Question 14 of 50 from the West African Examinations Council (WAEC) Commerce 2022 Objective paper, with the correct answer and a full explanation.

Using the same information, calculate the gross profit.

A. N35,000.00
B. N20,000.00
C. N15,000.00
D. N14,000.00Correct

Explanation

Gross profit = Sales − Cost of goods sold = 50,000 − (Opening stock+Purchases−Closing stock) = 50,000−(30,000+16,000−10,000) = 50,000−36,000 = N14,000.

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