Trading Account for the Year Ended 31 December 2019 Stock 1 January 2019 S 3,000 Sales $60,000 Purchases S47,000 S50,000 Stock 31 December 2019 S 4,500 Cost of Sales S45.500 Gross Profit S14.500 S60,000 $60.000 Mr. Smith present you with the trading account set out above. He always calculates his selling price by adding 33.33% of cost on to the cost price. a. If he had adhered strictly to the statement above, what should be the percentage of gross profit to sales? b. Calculate his actual percentage of gross profit to sales? c. Using the figures given in the trading account at the beginning of the question, calculate Mr. Smith's rate of stock turnover. d. Mr. Smith's expenses amount to 10% of his sales. Calculate his net profit for the year ended 31 December 2019