Two brothers decided to go into business buying and selling beds. Details of their transactions are set
Question:
Two brothers decided to go into business buying and selling beds.
Details of their transactions are set out in the case study below.
They initially bought 400 beds at £100 each and a delivery van for £6000.
At the end of six months they had sold 300 of the 400 beds for £150 each. Unfortunately during that time the bed manufacturer had increased the price to £I20 each and was their only source of supply. To make matters worse a discount store had opened in the area and it was selling the same beds at £I40 each. The brothers found that on average over the six months they had incurred costs for advertising, petrol etc.
which amounted to £10 for each bed sold.
On the basis of the information above, calculate what the brothers'
wealth was at the start and end of the six months and what profit had been made.
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