A retailer bought goods for $\text{₦}50{,}000$ and sold them for $\text{₦}80{,}000$. He incurred additional expenses of $\text{₦}5{,}000$ for rent and $\text{₦}2{,}000$ for advertising. Calculate the gross profit and the net profit.

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Accepted Answer

Gross profit: ₦30,000; Net profit: ₦23,000

Gce Model Questions Vol1 2023 Commerce Question 43

A retailer bought goods for \(\text{₦}50{,}000\) and sold them for \(\text{₦}80{,}000\). He incurred additional expenses of \(\text{₦}5{,}000\) for rent and \(\text{₦}2{,}000\) for advertising. Calculate the gross profit and the net profit.

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