Departments K Y
Opening 2,500 800
Purchases...
Departments K Y
Opening 2,500 800
Purchases 120,000 100,000
Sales 180,000 200,000
Salary 8,000 30,000
Closing stock 3,000 1,500
Rate expenses of 1,500 are apportioned in the ratio 1:2
The gross profit for K is
N60,700
N23,500
N60,500
N82,500
Correct answer is C
Sales - Cost of Goods Sold = Gross Profit
COGS = Beginning Inventory + Purchases During the Period – Ending Inventory.
COGS = 2,500, + 120,000 - 3,000 = 119,500
gross profit for K = 180,000 - 119,500 = 60,500
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\(\begin{array}{c|c} & D\\ \hline \text{Purchase of raw materials} & 236,500\\ \text{Returns...