₦ ₦ Stock 1/1 20,000 Net sales 370,000 Add purchases 250,000 Cost of goods available for sale 270,000 Less stock 31/12 40,000 Cost of goods sold 230,000 Ren...
Question 1 Report
| ₦ | ₦ | ||
| Stock 1/1 | 20,000 | Net sales | 370,000 |
| Add purchases | 250,000 | ||
| Cost of goods available for sale | 270,000 | ||
| Less stock 31/12 | 40,000 | ||
| Cost of goods sold | 230,000 | ||
| Rent expenses | 35,000 |
Calculate the net profit
Answer Details
To calculate the net profit, we need to subtract the cost of goods sold and expenses from the net sales.
Given the information provided:
Net sales: ₦370,000 Cost of goods sold: ₦230,000 Rent expenses: ₦35,000
To calculate the net profit, we use the following formula:
Net Profit = Net Sales - Cost of Goods Sold - Expenses
Substituting the values into the formula:
Net Profit = ₦370,000 - ₦230,000 - ₦35,000
Net Profit = ₦105,000
Therefore, the net profit is ₦105,000.
The correct answer is: ₦105,000
Given the information provided:
Net sales: ₦370,000 Cost of goods sold: ₦230,000 Rent expenses: ₦35,000
To calculate the net profit, we use the following formula:
Net Profit = Net Sales - Cost of Goods Sold - Expenses
Substituting the values into the formula:
Net Profit = ₦370,000 - ₦230,000 - ₦35,000
Net Profit = ₦105,000
Therefore, the net profit is ₦105,000.
The correct answer is: ₦105,000
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