Additional Information Francesco provided the following information for the year ended 30 April 2017 Opening inventory Total sales Total purchases Mark-up is 25% 16250 82 500 62750 The normal rate of inventory turnover is 5 times. However, it was discovered at the year-end that some inventory had been stolen. No insurance claim has yet been made for this loss REQUIRED (c) Prepare an extract from the income statement to show gross profit for the year ended 30 April 2017. Show clearly the value of inventory stolen. Workings