Ivor Clue is a magician. He has conjured up the following results from his non-existent accounting records.

Question:

Ivor Clue is a magician. He has conjured up the following results from his non-existent accounting records.

Fees are equal to five times his direct costs.

At any given time his stocks equal one week’s direct costs.

He defines a month as four weeks.

His stocks at both 31 May and 30 June were valued at £500.


Required:

Calculate his fees and profit for the month of June.

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