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  #

 Stock Jan 1

 2600
Purchases 4000
Carriage inwards 500
Sales 9000
Carriage outwards 500

Determine the net profit

A.

#4,000

B.

#4,500

C.

#5,000

D.

#1,400

View answer & explanation

Correct answer is D

Cost of goods sold = 2600 + 4000 + 500
= 7100

Gross profit = 9000 - 7100
= 1900

Therefore, Net profit = Gross profit - Expenses
= 1900 - 500
= ₦1400

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