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JAMB Commerce 2009 Question 33

Question 33

Business Calculations

If a firm has a turnover of N50 000 and the cost of goods sold is N40 000, what is the percentage of gross profit on sale?

  1. A.30.5%
  2. B.20.5%
  3. C.20.0%
  4. D.10.0%
Show the answer and explanation

Answer: C (20.0%)

Explanation

Gross profit = 50 000 − 40 000 = ₦10 000; 10 000/50 000 × 100 = 20%.