Question

(12) If sales revenues are 4,00,000; cost of goods sold is 23,10,000 and expenses are *60,000, the gross
profit is
(a) 30,000.
(b) 90,000
(c) 3,40,000.
(d) 4,00,000.​

Answer 1

ANSWER: (B) 90,000

EXPLANATION: Sales = cost of goods sold + gross profit 400000 = 310000 + gross profit Gross profit = 400000 - 310000 = 90000