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WAEC Accounting 2021 Paper

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Question : 27

Total: 50

Use the following information to answer this question

Gross profit 50,400

Discounts relieved 3,300

Discounts allowed 2,500

Net profit 26,500

Cost of goods sold 184,000

Sales for the period is

GH¢234,400
GH¢210,500
GH¢133,600
GH¢76,900

Solution:

Concept:

Gross profit is the difference between sales and cost of goods sold.

Explanation:

To find sales, add the cost of goods sold to the gross profit.

\text{Sales} = \text{Cost of goods sold} + \text{Gross profit}

Substitute the given values:

\text{Sales} = 184{,}000 + 50{,}400 = 234{,}400

Hence, the total sales for the period amount to GH¢234,400.

Answer:

A. GH¢234,400

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