You are a consultant for Glory Ltd, a quoted company operating in the manufacturing sector. Following are a Statement of Profit or Loss and Statement of Financial Position with comparatives for the year ended 31st December 2018.

Statement of Profit or Loss for the year ended 31st December, 2018

	2018 GHS		2017 GHS
Sales revenue	3,095,576		1,909,051
Cost of sales	2,402,609		1,441,950
Gross profit	692,967		467,101
Interest receivable	744		2,782
Administration expenses	333,466		222,872
Operating profit	360,245		247,011
Interest	18,115		21,909
Profit before taxation	342,130		225,102
Income tax expense	74,200		31,272
Profit for the year	267,930		193,830

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