Use the information above to answer the question

Calculate the net profit.

  • A N35,000
  • B N40,000
  • C N105,000
  • D N115,000
jamb 2012accounting

The correct answer is C. N105,000

Net profit = Gross profit - expenses

To get gross profit subtract cost of goods sold from sales. Hence we have;

370,000 - 230,000 = 140,000

Net profit = 140,000 - 35,000 = 105,000

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