(a) Explain the following: (i) turnover (ii) rate of turnover (iii) net profit (b) The following information is taken from the balance sheet of XYZ Ltd: N o...

(a) Explain the following: (i) turnover (ii) rate of turnover (iii) net profit

(b) The following information is taken from the balance sheet of XYZ Ltd:
                             N
opening stock    1,000
purchases          10,000
sales                   15,000
wages                 1,000
closing stock       5,000
You are required to calculate:
(i) the cost of goods sold
(ii) the rate of turnover
(iii) net profit