Use the information below to answer this question: Dept A Dept B Sales 180,000 150,000 Cost of sales 79,000 85,000 Expense 28,000 40,000 How much is the gro...

Assessment: JAMB UTME - Principles of Accounts - 2015 Subject: Financial Accounting

Question 1 Report

Use the information below to answer this question:

Dept A Dept B
Sales 180,000 150,000
Cost of sales 79,000 85,000
Expense 28,000 40,000

How much is the gross profit for department A?

Answer Details
To calculate the gross profit for department A, you need to subtract the cost of sales from the sales revenue. Sales revenue for department A = ₦180,000 Cost of sales for department A = ₦79,000 Therefore, the gross profit for department A is: Gross profit = Sales revenue - Cost of sales Gross profit = ₦180,000 - ₦79,000 Gross profit = ₦101,000 So, the correct answer is ₦101,000.

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