Question 1 Report
(a) What is turnover?
(b) The following information relates to Mrs. Lulu, a trader.
| Goods | selling price N |
cost price N |
selling expenses N |
| Buckets Boxes Bournvita Lace material |
4,000 5,000 6,000 12,000 |
3,500 4,000 5,500 10,500 |
400 250 300 1,000 |
(i) Calculate the gross profit percentage on each item. (ii) Calculate the net profit on each item.