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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Related Book For 
Frank Woods Business Accounting
ISBN: 9780273759287
12th Edition
Authors: Frank Wood. Sangster, Alan
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