K. Kudakwashe's turnover for the year ended 31 December 2014 was $1 800 000, and the gross profit margin was 33 1/3% of turnover. What was the gross profit for the year?

Model answer

$600 000

Also accepted: 600000, 600 000

Explanation: Gross profit = 1/3 x

1 800 000 =

600 000.

Derived from ZIMSEC Principles of Accounts 7112/2 Paper 2, November 2015, Q4

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