Calculate cost of goods sold gross profit total expenses

Question

The following figures relate to the retail business of A. Bell for the month ofJuly 2016. Goods which are on sale fall into two categories, X and Y.

You are to calculate for each category of goods:

(a) Cost of goods sold.

(b) Gross profit.

(c) Total expenses.

(d) Net profit.

(e) Average inventory at cost, assuming that sales are distributed evenly over the year, and that each month is of the same length.