Fails business has a rate of inventory turnover of 10 times per year. Average inventory is 14,000.

Question:

Fail’s business has a rate of inventory turnover of 10 times per year. Average inventory is £14,000. Mark-up is 40%. Expenses are 60% of gross profit. You are to calculate:

(a) Cost of goods sold.

(b) Gross profit.

(c) Turnover.

(d) Total expenses.

(e) Net profit.

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