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Use the following information to answer below

  GH⊄
Sales 200000
Purchase 170000
Opening stock 40000
Closing stock 50000

The gross profit percentage is

A.

10%

B.

20%

C.

25%

D.

15%

View answer & explanation

Correct answer is B

Gross profit percentage = Gross profit/Sales x 100

Cost of goods sold = 40,000 + 170,000 - 50,000
= 160,000

Gross profit = 200,000 - 160,000
= 40,000

Gross profit % = 40,000/200,000 x 100

= 20%

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