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JAMB Commerce 1998 Question 16

Question 16

Business Calculations

If a firm's turnover is ₦15,000 and the cost of goods sold is ₦10,000, what is the percentage of gross profit on sales?

  1. A.23.3%
  2. B.33.3%
  3. C.50.0%
  4. D.66.6%.
Show the answer and explanation

Answer: B (33.3%)

Explanation

Gross profit = 5 000. 5 000 ÷ 15 000 × 100 = 33.3%.