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WAEC Financial Accounting 2023 Question 39

Question 39

Incomplete Records

If sales is D 12,000 and the gross profit mark-up percentage is 25%. What is the cost of sales?

  1. A.D 9,600
  2. B.D 9,000
  3. C.D 3,000
  4. D.D 2,400
Show the answer and explanation

Answer: A (D 9,600)

Explanation

Sales = 125% of cost, so cost = 12,000 ÷ 1.25 = D 9,600.