If the turnover of as business is N16,000 and the cost of goods N12,000, what is the percentage of gross profit on sales?

Answer Details

The formula for calculating gross profit percentage is [(revenue - cost of goods sold) / revenue] x 100. Using the given information, we can calculate the gross profit as N16,000 - N12,000 = N4,000. So, the gross profit percentage is [(N4,000 / N16,000) x 100] = 25%. Therefore, the answer is 25%.