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WAEC Commerce 2015 Question 17

Question 17

Business Calculations

Use the following information: BYX Enterprise has the following balances at the end of March 2010: Opening stock D6,000; Purchases D23,000; Salaries and wages D12,000; Closing stock D8,000; Sales D30,000.
Calculate the gross profit of BYX Enterprise.

  1. A.D 13,000
  2. B.D 9,000
  3. C.D 5,000
  4. D.D1,000.
Show the answer and explanation

Answer: B (D 9,000)

Explanation

Cost of goods sold = 6,000 + 23,000 − 8,000 = D21,000; gross profit = 30,000 − 21,000 = D9,000.