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WAEC Financial Accounting 2009 Question 35

Question 35

Incomplete Records

An article costs ₦1,800 and is sold at a gross profit of 20% on selling price. What is the selling price?

  1. A.₦2,250
  2. B.₦2,160
  3. C.₦1,800
  4. D.₦1,440
Show the answer and explanation

Answer: A (₦2,250)

Explanation

A 20% margin means cost is 80% of selling price: ₦1,800 ÷ 0.8 = ₦2,250.