Test Index

WAEC Accounting 2017 Paper

Question : 39

Total: 50

Use the following information to answer the question below

Solution:

Concept:

Gross profit percentage shows the portion of sales left after paying for the cost of goods sold.

Explanation:

Gross profit is calculated as sales minus cost of goods sold.

Therefore, gross profit

= 18,600 - 11,500 = 7,100

Gross profit percentage

= \frac{\text{Gross profit}}{\text{Sales}} \times 100

So, gross profit percentage

= \frac{7,100}{18,600} \times 100 = 38.17\%

Answer:

The correct answer is option B:

38.17\%

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