26 (ii) The following information relates to the business of Kalubemba for the year ended 31 December 2016. K N Sales 169 000.00 Sales Returns 6 500.00 Stock at 1 January 2016 9 500.00 Gross Profit is at the rate of 40% on net sales. Net profit is at the rate of 25% on net sales. Rate of Stock Turnover is 10 times. [2] Required: (i) The year's net Turnover (ii) The Gross Profit (iii) The Cost of goods sold. (iv) The Net Profit (v) The expenses of running the business charged to the Profit and Loss Account. [2] [2] [2] [2]