Calculate the profit made by ABC Traders, showing your answer in the form of a trading statement. (10 marks) ABC Traders sells all goods at a margin of 33 1/3% above cost (thirty three and a third per cent). The books give the following information at 31 December 2015: Inventory 1 January 2015 N$96,000 Inventory 31 December 2015 N$120,620 Purchase amount N$320,300 Required to: i. Ascertain cost of goods sold ii. Show the value of purchase during the year iii. Calculate the profit made by ABC Traders 12/8/2020AFE3582 FUNDAMENTALS OF ACCOUNTING (B) JKL Traders has the following figures for the month of May 2018 in two categories (20marks) A B Sales to the public at manufacturer' recommended list price 60,000 140,000 Trade discount allowed to retailers 20% 25% Total expenses as a percentage of Sales 10% 10% Annual rate of inventory turnover 12 20 Calculate: i. Cost of goods sold ii. Gross profit iii. Total expenses iv. Net Profit v. Average inventory at cost, assuming that sales are distributed evenly over the year, and that there are twelve equal months in the year.