WAEC - Accounts Principles Of Accounts (2017 - No. 39)
Use the following information to answer the question below
Opening stock---------2,300
Purchases-------------11,874
Sales--------------------18,600
Closing stock-----------3,600
Cost of goods sold---11,500
The percentage of gross profit to sales is
61.82%
38.17%
28.49%
14.25%
Explanation
Gross profit = sales - cost of goods sold
= 18,600 - 11,500 = 7,100
Percentage = \(\frac{7,100}{18,600}\) x 100
= 38.17%
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