Neco 2023 Commerce Question 4
Practice objective / multiple choice question 4 from the 2023 Neco Commerce examination.
During a financial year a retailer purchased goods worth \(\text{₦}500,000\). The opening stock was \(\text{₦}120,000\) and the closing stock was \(\text{₦}150,000\). After the year‑end a shrinkage amount equal to \(2\%\) of the purchases is discovered. Net sales for the year were \(\text{₦}950,000\). Calculate the gross profit margin (as a percentage) after accounting for the shrinkage.
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About This Question
This is Neco 2023 Commerce Question 4. It is one of the objective questions from the 2023 Neco Commerce examination.
Difficulty level: Medium .
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