QUESTION 4 (a) Solve the gross profit and net profit for the business. KALA Enterprise Statement of Profit or Loss for the Year Ending 31 December 2020 RM RM 60,000 Sales Less: Cost of goods sold Purchases Less: Closing inventory GROSS PROFIT 40,000 25,000 (i) Less: Expenses Discount Advertising General expenses NET PROFIT 2,000 3,000 4,500 (ii) (2 marks)