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Calculate the profit made by ABC Traders, showing your answer in the form of a trading statement. (10 marks) ABC Traders sells all goods at a margin of 33 1/3% above cost (thirty three and a third per cent). The books give the following information at 31 December 2015: Inventory 1 January 2015 N$96,000 Inventory 31 December 2015 N$120,620 Purchase amount N$320,300 Required to: i. Ascertain cost of goods sold ii. Show the value of purchase during the year iii. Calculate the profit made by ABC Traders
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