JKL Traders has the following figures for the month of May 2018 in two categories...
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Accounting
JKL Traders has the following figures for the month of May 2018 in two categories (20marks)
A B Sales to the public at manufacturer' recommended list price 60,000 140,000 Trade discount allowed to retailers 20% 25% Total expenses as a percentage of Sales 10% 10% Annual rate of inventory turnover 12 20
Calculate:
i. Cost of goods sold
ii. Gross profit
iii. Total expenses
iv. Net Profit
v. Average inventory at cost, assuming that sales are distributed evenly over the year, and that there are twelve equal months in the year.
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