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October 14th, 2014, 03:58 AM  #1 
Senior Member Joined: Jan 2012 Posts: 720 Thanks: 7  Calculate: (i) his average weekly sales during the year.
A shopkeeper made a net profit of N12,500 from his business in 1984. The cost price of all the goods he bought during amounted to N104000. His overheads amounted to N13 500. Calculate: (i) his average weekly sales during the year. (ii) his net profit as a percentage of his annual turnover. (Take 1 year = 52 weeks) What do the following terms mean as it is concerned with the solving of this problems: (i) turnover (ii) overheads (iii) net profit Last edited by Chikis; October 14th, 2014 at 04:17 AM. 
October 15th, 2014, 12:26 PM  #2 
Global Moderator Joined: Dec 2006 Posts: 18,415 Thanks: 1462 
As all the information relates to 1984, I'll assume that all references to "the year", "annual", etc., relate to 1984. I'll also assume that the company sold in 1984 all the goods that it bought in that year. As taxes and interest aren't mentioned, I'll assume there are none. I shall take "his" to mean "his business's". For this type of problem, "turnover" for a specified period is the total net revenue from sales in the period, and "overheads" means company costs other than the total cost to the company of buying the goods sold. Net profit = turnover  overheads  total cost of goods. Hence 1984 turnover was N104000 + N13500 + N12500 = N130000, and so the average weekly sales for 1984 was N130000/52 = N2500 (using 52 weeks per year for 1984). As a percentage of turnover, net profit for 1984 was (N12500/N130000)*100% = 9.615% approximately. Last edited by skipjack; October 15th, 2014 at 12:30 PM. 
October 17th, 2014, 08:41 PM  #3 
Senior Member Joined: Jan 2012 Posts: 720 Thanks: 7 
Ok. Let say his total cost = overheads + cost price of all goods = 13500 + 104000 = N117500 Right? Sales would be cost + profit = 117500 + 12500 = 130000 average sales would be $\displaystyle 130000\div52$ = N2500 Is this right? 

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