Assignment:
V. Fragg's business has a rate of inventory turnover of 8 times per year. Average inventory is £21,000. Mark-up is 30%. Expenses are 40% of gross profit.
You are to calculate:
(a) Cost of goods sold.
(b) Gross profit.
(c) Turnover.
(d) Total expenses.
(e) Net profit.
Your answer must be, typed, double-spaced, Times New Roman font (size 12), one-inch margins on all sides, APA format.