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.