A firm borrows £10,000 on 1 January. DuringJanuary it buys goods for £6000 and then sells half of them for £5000. All transactions are in cash and the firm has no other assets and liabilities. What is the value of the firm at the beginning of January and at the end of January and what is the profit for the month? Make what assumptions you think are necessary. Show that it is possible to arrive at the same profit calculation in two ways.