Use the information above to answer the question
Calculate the net profit.
-
A.
N35,000 -
B.
N40,000 -
C.
N105,000 -
D.
N115,000
Correct Answer: Option C
Explanation
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