Sales - #232,000 Opening stock - ₦28,000 Purchases - #128,000 Carriage inwards - ₦4,000 Carriage outwards - ₦6,000 Closing stock - ₦10,000 Discount received...

Answer Details

To calculate the gross profit, we need to subtract the cost of goods sold (COGS) from the total sales revenue. First, we need to calculate the COGS: Opening stock + Purchases + Carriage inwards - Closing stock = COGS ₦28,000 + ₦128,000 + ₦4,000 - ₦10,000 = ₦150,000 Next, we can calculate the gross profit: Sales - COGS = Gross profit ₦232,000 - ₦150,000 = ₦82,000 Therefore, the gross profit for this business is ₦82,000. Gross profit is a measure of how much profit a business makes after deducting the cost of goods sold. In this case, the business had sales revenue of ₦232,000, but it cost them ₦150,000 to produce the goods that they sold. Therefore, they made a gross profit of ₦82,000. This money can be used to pay for other expenses, such as salaries, rent, and utilities, or reinvested in the business for growth.