JAMB - Accounts Principles Of Accounts (2025 - No. 31)
If sales is D 12,000, and the gross profit markup percentage is 25%. What is the cost of sales?
D 9,000
D 9,600
D 3,000
D 2,400
Explanation
Gross profit = 25% × D12,000 = D3,000
Cost of sales = Total sales − Gross profit = 12,000 − 3,000 = D9,000
Cost of sales = Total sales − Gross profit = 12,000 − 3,000 = D9,000
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