Use the following information to answer this question Le Opening stock 6,000 Sales 180,000 Closing stock 4,200 Mark-up is 33\(\frac{1}{3}\)% The gross profit is

WAEC 2024

Use the following information to answer this question Le Opening stock 6,000 Sales 180,000 Closing stock 4,200 Mark-up is 33\(\frac{1}{3}\)% The gross profit is

ALe 60,000.
BLe 45,000.
CLe 44,400
DLe 33,750.

Explanation

Mark-up is 33 1/3% (or 1/3), which converts to a profit margin of 1/4 (25%). Gross Profit = 25% of Sales = 0.25 × Le 180,000 = Le 45,000.

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